September 20, 2012
By Paul K. Emerson, TAC State Financial Analyst
With the new fiscal year beginning Sept. 1, 2012, the state sales tax collection continues to show remarkable improvements. August 2012 receipts were $2.3 billion, up 18.5 percent compared to the same period last year. This marks one of the highest receipts recorded in the past 10 years.
Below is a chart showing the state sales tax collections fluctuating over the past four years. Sales tax receipts for August 2012 (shown in purple) mark the highest collections. With the holidays soon approaching, the trend will likely continue.
Comptroller Susan Combs attributes the high sales receipts to strong business and consumer spending, along with the close of the state’s tax amnesty program that ended Aug. 31.
The state sales tax collections for fiscal year 2012 ended at $24.1 billion, which is roughly $3.1 billion more than originally estimated in the Comptroller’s 2012-2013 Biennial Revenue Estimate, which was published in January 2011.
This is also good news for counties that have a sales tax. This September, local sales tax collections totaled $559.2 million for cities, counties, transit systems and special purpose taxing districts. September sales tax allocations were up 15.5 percent compared to this time last year.
For more information on this article, please contact TAC State Financial Analyst Paul Emerson at (800) 456-5974.