Summary: Texas continues to collect increasing tax revenue every month. In September, sales tax revenue totaled $3.69 billion, 17.2% more than last September; Sales tax accounts for 56% of all tax collections and is the largest source of funding for the state budget.
Latest Update: Wednesday, 19 October, 2022
The Center Square
05 October 2022
Excerpts
Texas continues to collect increasing tax revenue every month. In September, sales tax revenue totaled $3.69 billion, 17.2% more than last September, Comptroller Glenn Hegar said. Overall, total sales tax revenue for the three-month period ending in September was up 14.9% compared to the same period a year ago.
The majority of September sales tax revenue is based on sales made in August and remitted to the agency in September. Sales tax accounts for 56% of all tax collections and is the largest source of funding for the state budget.
“State sales tax collections continued to climb rapidly in September, with solid growth in receipts from all major economic sectors,” Hegar said.
“Surging receipts from nonretail sectors indicate that the exceptionally strong spending by businesses in recent months continued unabated. Spurred in part by inflation in building materials and other business input prices, the mining, construction, manufacturing and wholesale trade sectors have each exhibited double-digit growth in sales tax remittances for 10 or more consecutive months.”
He also noted that receipts from retail trade and restaurants grew moderately and at less than the rate of consumer price inflation. This suggests that Texas households are prioritizing their spending on necessities like rent, groceries and transportation, items not subject to sales tax, in response to inflation.
However, receipts from online shopping, building material and home improvement stores, and automotive dealers and parts stores all saw double-digit increases compared to last September. Receipts from clothing, electronics, appliances, furniture and home furnishings stores remained steady. Receipts from general merchandisers, sporting goods and hobby stores were down from a year ago.
The largest amount of sales tax paid came from motor vehicle sales and rental taxes totaling $616 million; motor fuel taxes totaled $328 million. Both were up 13% and 2%, respectively, from last September.
Alcoholic beverage taxes totaled $138 million; hotel occupancy taxes totaled $57 million; both were up 13% and 11%, respectively, since last September.
But the consistent bulk of taxes paid, as has been the case nearly every month this year, has come from the Texas oil and natural gas industry.
Willow Park Sales Tax Projection Worksheet
During their 12 July 2022 Budget Workshop, the city council had in-depth presentations and discussion about the Willow Park 2022 - 2023 city budget and tax rates, including the following:
preliminary 2022 - 2023 budget for all department
video / audio of in depth discussion of proposed budget and tax rate.
City of Willow Park, Sales Tax Report January 2022
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