NEWS
State sales tax revenue totaled $3.6 billion
| (AUSTIN) — Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $3.57 billion in March, 5.9 percent more than in March 2022. The majority of March sales tax revenue is based on sales made in February and remitted to the agency in March.“In line with our biennial revenue forecast, state sales tax collections resumed the recent trend of significant but slowing growth, with the gain compared with the previous year being the lowest since the end of pandemic restrictions two years ago,” Hegar said. “Growth in tax receipts was evident across all major sectors, with the exception of retail trade, as consumers reallocate budgets away from goods in favor of services as inflation continues to impact shoppers.“Receipts from the oil and gas mining sector led the way for all sectors, showing nearly a 50 percent gain for the third straight month. Remittances from the construction sector were up by double digits compared with last March, and receipts from the wholesale trade sector showed gains compared with a year ago, indicating business spending is still very strong in the state.“Remittances from the retail trade sector were negative compared with the same month the previous year for the first time since April 2022. Within the sector, general merchandise receipts were down the most compared with last year. Remittances from the sale of building materials declined for the third consecutive month, as the pace of home improvements and remodeling projects that saw enormous increases at the height of the pandemic decidedly slowed. Receipts from clothing and accessory stores were down moderately.“Restaurant receipts were up considerably for the second month in a row compared with a year ago, outpacing the inflation rate for food away from home by nearly 50 percent.” Total sales tax revenue for the three months ending in March 2023 was up 8.7 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 56 percent of all tax collections. Texas collected the following revenue from other major taxes: motor vehicle sales and rental taxes — $432 million, up 12 percent from March 2022; motor fuel taxes — $287 million, up 4 percent from March 2022; oil production tax — $427 million, down 10 percent from March 2022; natural gas production tax — $267 million, down 23 percent from March 2022; hotel occupancy tax — $61 million, up 21 percent from March 2022; and alcoholic beverage taxes — $138 million, up 11 percent from March 2022.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. |
The City of Bowie reports an EXTREME HEAT WARNING will be in effect from 8 p.m. tonight until 8 p.m. tomorrow night. Please be careful.
Hear Audio Alert:https://hrpow.us/RA3mBoC
BOIL WATER NOTICE for 500-700 W. Pecan St. remains active. Affected residents needing bottled water should call (940) 977-4941.
Hear Audio Alert:https://hrpow.us/odv2S3E
The Bowie Independent School District has issued the following open letter to community regarding negotiations with four other districts who pick up students inside this district and take them to their schools.
Please click on the above link to read the full letter.
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