spot_img

Texas sales tax reached $3.9 billion in June

Date:

spot_img

(The Center Square) – State sales tax revenue totaled $3.92 billion in June, 6.8% more than in June 2022, Texas Comptroller Glenn Hegar said.

The majority of June sales tax revenue is based on sales made in May and remitted to the agency in June, according to a July 5 news release.

“Receipts from the oil and gas mining sector once again showed the largest year-over-year gain among all major sectors, increasing approximately one-third over remittances from June 2022,” according to the news release. “Receipts from the manufacturing sector were up solidly from a year ago, but receipts from the construction industry came in only slightly higher than June 2022, and receipts from the wholesale trade sector were down slightly from a year ago, as building materials prices have come down from year-ago levels.”

Total sales tax revenue for the three months ending in June 2023 increased by 5.9% compared to last year. Sales taxes are the largest source of state funding for the state budget.

Texas collected revenue from other major taxes including motor vehicle sales and rental taxes, motor fuel taxes, oil production tax, natural gas production tax, hotel occupancy tax, and alcoholic beverage taxes.

“The overall rate of sales tax revenue growth was in line with the rate of growth over the last three months,” Hegar said. “Growth in receipts from sectors principally driven by business spending continued to outpace that from consumer-oriented retail trade.”

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Redmond residents protest homeless housing project in downtown area

(The Center Square) – More than 50 demonstrators turned...

Groups push for pause on carbon pipelines in Illinois

(The Center Square) – The Sierra Club, Stop CO2...

Ferguson campaign has received the most contributions in race for Washington governor

Bob Ferguson (D) has received the most contributions in...

Texas leads U.S. in job growth, again

(The Center Square) – Every month, after U.S. Department...