Sales tax in Texas reached a total of $3.92 billion in June, marking a 6.8% increase compared to the same period last year, according to Texas Comptroller Glenn Hegar.
KEY INDUSTRIES CAUSE SALES TAX IN TEXAS TO RISE
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The majority of the sales tax in Texas is attributed to sales made in May and remitted to the agency in June. The oil and gas mining sector showed the largest year-over-year gain in the sales tax in Texas, rising approximately one-third from June 2022. Manufacturing sector receipts also increased solidly, while construction industry receipts saw only a slight uptick in sales tax in Texas and wholesale trade sector receipts declined slightly.
5.9% INCREASE IN SALES TAX IN TEXAS SHOWN IN THREE-MONTH PERIOD
Sales tax in Texas demonstrated a significant 5.9% growth during the three-month period ending in June 2023, highlighting its importance as the primary contributor to the state’s budget. Alongside sales tax in Texas, major taxes such as motor vehicle sales and rental taxes, motor fuel taxes, oil and natural gas production taxes, hotel occupancy tax, and alcoholic beverage taxes also played a part in overall revenue generation.
Comptroller Hegar highlighted the ongoing trend of sales tax in Texas growth surpassing that of consumer-oriented retail trade, driven by sectors fueled by business spending. The rise ein sales tax in Texas revenue further solidifies its vital role as the main source of funding for the state, enabling the support of essential public services and programs.
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