Oil and Gas Continue to Lead Texas Sales Tax Revenue

November 5, 2018

 

Texas’ half-a-billion dollar income from oil and gas production taxes continued a broad upward climb in revenue during November, according to the state comptroller.

Production tax income of nearly $530 million for the month was up 49.4% when compared to November, 2017.

November 2018 motor fuel tax income of $311 million was a 1% increase from the previous November.

In all, state sales tax revenue totaled $2.998 billion last month, 7.7 percent more than in November 2017, Comptroller Glenn Hegar’s office said Tuesday.

In a statement, Hegar said that “while slower than the double-digit pace of recent months, state sales tax revenue growth in November was strong.”

“Increased tax collections continue to be led by remittances from oil- and gas-related sectors, but at a slower pace than in recent months.

“Growth from retail trade and restaurants, the sectors most dependent on consumer spending, was positive, but comparatively modest.”