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March 1, 2023
(AUSTIN) — Texas Comptroller Glenn Hegar as we speak mentioned state gross sales tax income totaled $3.68 billion in February, 14.2 % greater than in February 2022. Nearly all of February gross sales tax income is predicated on gross sales made in January and remitted to the company in February.
“Propelled by continued robust enterprise spending and a stunning post-holiday surge in shopper spending, progress in February gross sales tax receipts considerably outpaced inflation, which continues to be hovering over 6 %,” Hegar mentioned. “Strong will increase in receipts from all main sectors suggests financial exercise within the state isn’t but slowing considerably regardless of excessive rates of interest and fears of recession.
“As has been the case in current months, receipts from sectors pushed primarily by enterprise spending confirmed the best charges of progress, with receipts from the oil and gasoline mining, manufacturing and development sectors coming in strongly above February 2022 totals.
“Remittances from the retail commerce sector – the sector liable for the biggest portion of state gross sales tax – grew a lot quicker than the speed of inflation for shopper items. The retail segments with the quickest progress in tax receipts have been normal merchandise and outfitters.
“Receipts from the providers sector have been up double digits, led by receipts for stay leisure venues. Receipts from eating places have been additionally up double digits in contrast with February of final 12 months, considerably outpacing the speed of inflation for meals away from residence.”
Whole gross sales tax income for the three months ending in February 2023 was up 10.2 % in contrast with the identical interval a 12 months in the past. Gross sales tax is the biggest supply of state funding for the state finances, accounting for 56 % of all tax collections.
Texas collected the next income from different main taxes:
- motorized vehicle gross sales and rental taxes — $542 million, up 14 % from February 2022;
- motor gasoline taxes — $304 million, up 1 % from February 2022;
- oil manufacturing tax — $492 million, up 2 % from February 2022;
- pure gasoline manufacturing tax — $305 million, down 5 % from February 2022;
- resort occupancy tax — $42 million, up 2 % from February 2022; and
- alcoholic beverage taxes — $130 million, up 13 % from February 2022.
For particulars on all month-to-month collections, go to the Comptroller’s Monthly State Revenue Watch. For an intensive historical past of tax coverage developments and costs since 1972, go to our up to date Sources of Revenue publication.
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