Texas Oil and Gas Production Tax Income Up For February: Hegar

March 2, 2018


Texas oil and natural gas production tax income increased considerably last month, up 58.8% from February of 2017, according to Friday state sales tax revenue figures from the comptroller’s office.

Glen Hegar said 28-day February 2018 tax income from petroleum production was more than $441 million.

That figure was up 34 million, nearly 8%, from the 31-day January 2018 income of $407 million.

Motor fuel taxes income for February 2018 was up 2.5% from a year ago, totaling nearly $297 million.

And that figure was down from the $304 million in January of this year.

Also for last month, motor vehicle sales and rental taxes were up 13% from February a year ago, to about $422 million.

Hegar’s office said the overall sales tax revenue totaled $2.61 billion in February 2018, an 8.6% increase over the previous February.

“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.