State Sales Tax Revenue Totaled $4.3 Billion in November
(AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $4.3 billion in November, 4.7 percent more than in November 2023. The majority of November sales tax revenue is based on sales made in October and remitted to the agency in November.
“Following the increase seen in October, November state sales tax collections grew strongly once again with revenues from most major sectors increasing over their totals from last year,” Hegar said. “Receipts from most sectors driven primarily by business spending were up, with both the manufacturing and wholesale trade sectors posting substantial gains from November 2023. Collections from the construction sector also rose from a year ago. Receipts from the mining sector declined, falling for the eighth consecutive month.
“Sales tax receipts from sectors driven primarily by consumer spending were up, with collections from both retail trade and services sectors beating collections from last November. Within the retail trade sector, receipts from online shopping and general merchandise stores were both up significantly compared with November 2023.
“Receipts from restaurants increased from a year ago but were slightly below the rate of inflation for food away from home for October.”
Total sales tax revenue for the three months ending in November 2024 was up 3.9 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 58 percent of all tax collections.
Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes — $586 million, up 4 percent from November 2023;
- motor fuel taxes — $345 million, up 6 percent from November 2023;
- oil production tax — $488 million, down 15 percent from November 2023;
- natural gas production tax — $157 million, down 26 percent from November 2023;
- hotel occupancy tax — $75 million, up 2 percent from November 2023; and
- alcoholic beverage taxes — $158 million, up 4 percent from November 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.
|
