​Texas Feels Crunch From Weak Oil Prices

Though the state is still doing well in the income category, and still has ends the fiscal year with a "substantial balance", according to State Comptroller Glenn Hegar the income is down a bit.

The state's fiscal year finds income down a few percent in some categories. The major cause is the glut and falling price of oil over the past several months. That caused a slight drop (7.6%) in the oil production and the natural gas production tax, and in the sales tax from related items. Sales tax income was down 3.5% from what was projected in the budget, and Franchise tax revenue was down 16.6% because of a tax rate reduction that had been put in place.

Overall, he says, the August sales tax is coming in about 2.6% below last year, and the oil and gas production tax is down 30% from last August.

The individual City and County sales tax report for August will be released by the Comptroller's office very soon.