June Texas Oil and Gas Production Tax Income Up Nearly 70% Over Last Year

July 5, 2018

 

June saw another spectacular jump in Texas oil and gas production taxes contributing to a grand total of $2.77 billion in total state sales tax revenue for the month.

That total included a 13.7% jump over June 2017 income.

Texas Comptroller Glenn Hegar said Tuesday that oil and natural gas production taxes soared 69.2% from last year, totaling $456.5 million.

The June total was even higher than the 56% jump in production taxes in May 2018, which totaled  $416.5 million.

Motor fuel taxes were up 4.2% over 2017, for a total of $325.4 million for June.

And motor vehicle sales and rental taxes were up 4.5% in June, totaling $433 million.

Overall sales tax revenue for April through June 2018 was up 12.4% compared to the same period of 2017.

Sales tax income is the biggest source of state funding, accounting for 58% of all tax collections for the state budget.

“Sales tax revenue increased for almost all major economic sectors,” Hegar said.

“The strong revenue growth was led by collections from the mining and manufacturing sectors. The construction, wholesale and retail trade sectors also saw strong gains.”

For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.