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.”