State Tax Sales Revenue Totals $2.6 Billion in FebruaryPress Release
(AUSTIN) — Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.61 billion in February, 8.6 percent more than in February 2017.
“Increased sales tax collections were spurred by business spending,” Hegar said. “Growth was especially notable in remittances from oil- and gas-related sectors as well as wholesale trade. But collections from retail trade, the sector most reflective of consumer spending, declined slightly from year-ago levels.”
Total sales tax revenue for the three months ending in February 2018 was up 10 percent compared to the same period a year ago. Sales tax revenue is the largest source of state funding for the state budget, accounting for 58 percent of all tax collections.
Revenue from other major taxes on motor vehicle sales and rentals, motor fuels and oil and natural gas production also rose in January 2018:
- motor vehicle sales and rental taxes — $421.8 million, up 13 percent from February 2017;
- motor fuel taxes — $296.8 million, up 2.5 percent from February 2017; and
- oil and natural gas production taxes — $441.1 million, up 58.8 percent from February 2017.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.