September 09, 2011
By Paul K. Emerson, TAC State Financial Analyst
Sept. 1, 2011 began the fiscal year for the new 2012-13 state budget.
More than 50 percent of the state budget relating to general revenue comes from state sales tax collected on a monthly basis. The motor vehicles tax, motor fuel tax, franchise tax and insurance tax also contribute significantly to the state’s general revenue coffer. Together, all five of these state revenue sources are projected to tally more than $60 billion, or 90 percent, of the anticipated general revenue-related tax collections for the 2012-13 biennuim.1
Last month, the Comptroller’s Office reported that the July 2011 state sales tax revenue was $1.86 billion, up 10.3 percent compared to July 2010. In addition, July 2011 marked the “16th consecutive month of increased state sales tax,” according to Comptroller Susan Combs.
During the next few editions of County Issues, a more detailed analysis of the state sales tax will be provided by reviewing sales tax collections from the past three years. The analysis will also review local sales tax collections from the same time period.
For more information on this article, please contact Paul Emerson, TAC State Financial Analyst, at (800) 456-5974.
1 Texas Comptroller of Public Accounts, Biennial Revenue Estimate, 2012-13 Biennium – 82nd Texas Legislature, January 2011.