June 5, 2018
Once again, state sales tax revenues were helped considerably by energy-related income, Texas Comptroller Glenn Hegar said Monday.
Oil and natural gas production taxes were up 56% year-over-year for the month of May at $416.5 million.
Motor fuel tax income for May 2018 was up 1.8% over May 2017, at $309 million.
And motor vehicle sales and rental taxes were up 11.7% over the previous year, at $424 million.
Total sales tax revenue was $2.76 billion in May 2018, up more than 10% from May 2017.
“Strong growth in sales tax revenue was apparent across all major economic sectors,” Hegar said.
“While the most rapid growth was in remittances from the construction and oil- and gas-related sectors, significant gains also came from information services, restaurants and retail trade.”
Hegar also said state franchise tax revenue for May was $3.23 billion, 1.4 percent more than in May 2017.
Year-to-date franchise tax revenue is up 11.3 percent.
As anticipated in the Certification Revenue Estimate, lower refund activity early in the fiscal year contributed to higher than average net franchise tax collections.
Total sales tax revenue for the three months ending in May 2018 was up 10.4 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.