(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $2.8 billion in January, 6 percent more than in January 2018.
“The growth in sales tax collections was primarily due to continued strong spending in oil and gas-related sectors,” Hegar said. “Remittances from restaurants also grew, while those from retail trade were flat relative to a year ago.”
The sales tax is the largest source of state funding for the state budget, accounting for 57% of all tax revenue. Though the above statement quotes “strong spending in oil and gas-related sectors as the biggest part of the tax collection increase, more data showed oil production taxes as being down 3.3 percent from last year. It seems that natural gas production was the biggie…up 24.3%. More data also showed that we bought fewer vehicles, down .5% from last year at this time, but we drove more or at least bought more gasoline. That was up .2%.