Comptroller reports sales tax revenues up in December
The Texas economy continued its hot streak to end 2018, according to the Texas Comptroller’s Office.
Texas Comptroller Glenn Hegar said Thursday that state sales tax revenue “totaled $2.87 billion in December, 4.7 percent more than in December 2017.”
“Growth in state sales tax revenue continues to be led by remittances from oil and gas-related sectors,” Hegar said. “The year-over-year rate of growth has moderated, as expected, due to strong collections from a year ago as well as the decline in the price of crude oil.”
According to Comptroller’s Office figures, sales tax revenue for the “three months ending in December 2018 was up 6.5 percent compared to the same period a year ago.”
Sales taxes are the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
In December 2018, Texas collected the following revenue from other major taxes:
motor vehicle sales and rental taxes — $395.9 million, down 4.5 percent from December 2017.
motor fuel taxes — $314.3 million, up 3.5 percent from December 2017.
oil and natural gas production taxes — $478.5 million, up 20.7 percent from December 2017.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch at https://tinyurl.com/ybccz5h8.