PRESS RELEASE: State Sales Tax Revenue Totaled $3 Billion in May
Texas Comptroller of Public Accounts sent this bulletin at 06/04/2019 11:34 AM CDT
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June 4, 2019 State Sales Tax Revenue Totaled $3 Billion in May(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $3.01 billion in May, 9 percent more than in May 2018. “State sales tax revenue growth was propelled by both business and consumer spending,” Hegar said. “The strongest growth was in remittances from the manufacturing, wholesale trade and services sectors, with strength apparent in the retail trade sector as well.” Hegar also said state franchise tax revenue for May was $3.47 billion. Revenue was up 7.4 percent from May 2018, slightly above projections presented in the Biennial Revenue Estimate in January. Total sales tax revenue for the three months ending in May 2019 was up 6.9 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections. In May 2019, Texas collected the following revenue from other major taxes:
For details on all monthly collections, visit the Comptroller's Monthly State Revenue Watch. For an extensive history of tax policy developments and fees since 1972, visit our updated Sources of Revenue publication. |
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