State Sales Tax Collections Up 9.1% in June

July 26, 2013
By Paul K. Emerson, TAC State Financial Analyst
Legislative News

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State sales tax collections were $2.17 billion in June 2013. This is an increase of 9.1 percent over the collections for the same month last year. June marks the 39th consecutive month in which sales tax revenue has increased. Remittances from the oil and gas industry remain strong, while sales tax revenue from restaurants also showed notable gains, according to Texas Comptroller Susan Combs.

Since 1988, state sales and use taxes have accounted for more than half of all general revenue-related tax collections, which pays for schools, prisons and various other programs.

Sales tax collections are projected to reach $50.1 billionby the end of this current biennium (2012-13). It is also estimated that in fiscal years 2014-15, sales tax collections will reach $54.8 billion, a $4.7 billion increase, which is 9.4 percent over current collections for fiscal years 2012-13.

The Comptroller’s Office also noted that it will allocate $578.3 million to cities, counties, transit systems and taxing districts. This represents an 8.1 percent increase over July 2012. Counties will see an 8.3 percent increase over the same period last year.

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, 2014-15 Biennium – 83rd Texas Legislature, January 2013.