State sales tax revenue totaled $2.5 billion in November
Texas Comptroller Glenn Hegar said today that state sales tax revenue totaled $2.51 billion in November, 2.9 percent less than in November 2015.
“Continued weakness in the manufacturing and wholesale trade sectors, combined with persistently lower levels of oil and gas drilling activity compared to the same period last year, is exerting ongoing downward pressures on sales tax revenues,” Hegar said. “Receipts from restaurants and retail trade grew modestly. While those industries are larger individual sources of sales tax revenue, their modest growth was not sufficient to overcome the combined drop in tax collections from manufacturing, wholesale trade, and oil- and gas-related sales tax receipts.”
Total sales tax revenue for the three months ending in November 2016 was down by 2.2 percent compared with the same period a year ago. Sales tax revenue is the largest source of state funding for the state budget, accounting for 58 percent of all tax collections. Motor vehicle sales and rental taxes, motor fuel taxes and oil and natural gas production taxes also are large revenue sources for the state.
