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Might 1, 2023
(AUSTIN) — Texas Comptroller Glenn Hegar immediately stated state gross sales tax income totaled $4.09 billion in April, 6.7 % greater than in April 2022. Nearly all of April gross sales tax income relies on gross sales made in March and remitted to the company in April.
“April gross sales tax income progress, reasonably in extra of common worth inflation, suggests financial enlargement continues regardless of larger rates of interest and fears of a recession,” Hegar stated. “The strongest progress continues to be from sectors primarily pushed by enterprise spending.
“Receipts from the oil and gasoline mining sectors as soon as once more confirmed the strongest progress amongst all sectors in contrast with the identical month a yr in the past, with remittances approaching a 50-percent achieve for the fourth straight month. Receipts from the development and manufacturing sectors have been up by double digits, whereas receipts from wholesale commerce slowed and dipped under the year-ago stage, as constructing supplies costs have come down from the height reached final yr.
“Remittances from the retail commerce sector have been optimistic in April in contrast with the identical month the earlier yr, after falling in March for the primary time in 12 months. Throughout the sector, receipts from digital buying and grocery shops each confirmed double-digit will increase in contrast with April 2022, and collections from common merchandise have been up once more after falling final month.
“Restaurant receipts elevated in keeping with the inflation fee for meals away from residence in March.”
Complete gross sales tax income for the three months ending in April 2023 was up 8.8 % in contrast with the identical interval a yr in the past. Gross sales tax is the biggest supply of state funding for the state price range, accounting for 56 % of all tax collections.
Texas collected the next income from different main taxes:
- motorcar gross sales and rental taxes — $507 million, down 3 % from April 2022;
- motor gasoline taxes — $319 million, down 5 % from April 2022;
- oil manufacturing tax — $453 million, down 32 % from April 2022;
- pure gasoline manufacturing tax — $203 million, down 40 % from April 2022;
- lodge occupancy tax — $83 million, the best month-to-month collections on report, up 9 % from April 2022; and
- alcoholic beverage taxes — $163 million, the best month-to-month collections on report, up 7 % from April 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 charges since 1972, go to our up to date Sources of Revenue publication.
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