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(AUSTIN) — Texas Comptroller Glenn Hegar today released totals for fiscal 2024 state revenues, in addition to announcing monthly state revenues for August.
- General Revenue-related revenue for fiscal 2024 totaled $83.78 billion, up 1.1 percent from fiscal 2023.
- All Funds revenue was $181.12 billion, down 3.6 percent from fiscal 2023.
- All Funds tax collections were $81.87 billion, down 0.3 percent from fiscal 2023.
- Sales tax revenue was $47.16 billion, up 1.2 percent from fiscal 2023.
- Motor vehicle sales and rental tax revenue was $6.84 billion, up 0.2 percent from fiscal 2023.
- Franchise tax revenue was $6.86 billion, up 0.6 percent from fiscal 2023.
- Oil production tax revenue was $6.3 billion, up 6.3 percent from fiscal 2023.
- Natural gas production tax revenue was $2.13 billion, down 36.3 percent from fiscal 2023.
“Total revenue for fiscal 2024 finished largely in line with expectations, one-half of 1 percent below our Certification Revenue Estimate issued last October,” Hegar said. “Tax revenue was down 0.3 percent from fiscal 2023 and below estimate by 1.3 percent, while non-tax revenue fell by 6.1 percent from last year, exceeding estimate by 0.2 percent. The tax revenue results reflect the decline in general price inflation and a slowing in the rate of growth in economic activity, as well as lower natural gas prices. For non-tax revenue, lower-than-expected receipts from the federal government were offset by higher-than-expected interest income.”
The Economic Stabilization Fund and State Highway Fund both receive funding from oil and natural gas severance taxes. In November, the Comptroller’s office will deposit $2.74 billion in each of those funds in fiscal 2025, down from the $3.06 billion deposited in each fund in fiscal 2024.
Hegar also said state sales tax revenue totaled $4 billion in August, 0.4 percent more than in August 2023. The majority of August sales tax revenue is based on sales made in July and remitted to the agency in August.
“August sales tax collections grew modestly from a year ago, and at less than the rate of general price inflation,” Hegar said. “Growth was muted from both consumer and business spending-driven sectors, as consumer spending continued to subside from the post-pandemic inflationary surge and employment growth stalled in July.
“Sales tax receipts among sectors reliant on business spending were mixed, with gains observed from construction and wholesale trade and declines from mining and manufacturing. Consumers continued to boost receipts for the services sector significantly, but receipts from retail trade grew barely more than 1 percent over the previous year.
“Receipts from restaurants declined slightly from a year ago, the first decline for the sector since the pandemic.”
Total sales tax revenue for the three months ending in August 2024 was up 0.3 percent compared with 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.
Texas collected the following revenue from other major taxes in August:
- motor vehicle sales and rental taxes — $649 million, down 2 percent from August 2023;
- motor fuel taxes — $330 million, up 0.2 percent from August 2023;
- oil production tax — $543 million, up 8 percent from August 2023;
- natural gas production tax — $80 million, down 42 percent from August 2023;
- hotel occupancy tax — $69 million, down 2 percent from August 2023; and
- alcoholic beverage taxes — $139 million, down 6 percent from August 2023.
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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