Summary: Texas’ fiscal 2022 tax revenues and its monthly revenue for August broke records and predicted forecasts, Texas Comptroller Glenn Hegar said “Revenues continue to outpace even our most recent forecast as All Funds tax collections closed the fiscal year $841 million above the projection in our Certification Revenue Estimate,” Hegar said.
Latest Update: Saturday, 03 September, 2022
Tags: #Finance
Texas smashes tax revenue collection totals in fiscal 2022, up 26% from 2021, Center Square, 02 September 2022
Texas’ fiscal 2022 tax revenues and its monthly revenue for August broke records and predicted forecasts, Texas Comptroller Glenn Hegar said.
“Revenues continue to outpace even our most recent forecast as All Funds tax collections closed the fiscal year $841 million above the projection in our Certification Revenue Estimate,” Hegar said.
“To put it into perspective, only five times since 1988 has the rate of growth in Texas’ All Funds tax collections exceeded the prior fiscal year by double digits – and those increases ranged from 10% to 13%.
“This year’s rate of growth was almost double the previous high in that time," Hegar said. "Over the last many months, economic growth and inflation have driven higher sales tax collections as demand remains strong and businesses and consumers continue to pay elevated prices for goods.”
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State sales tax revenue totaled $3.77 billion in August, 13% more than in August 2021.
“The strong growth in August came from receipts remitted by the oil and gas mining sector, which were up by nearly 80 percent compared with a year ago,” Hegar said. “Receipts from the construction, manufacturing and wholesale trade sectors showed double-digit growth for the ninth consecutive month, demonstrating continued strong spending by businesses in the state.”
He noted that receipts from nearly all segments of the retail sector were higher than a year ago, with online shopping and sales at grocery stores among the highest. Receipts from restaurants were also up from last year.
Total sales tax revenue for the three months ending in August 2022 was up 14.7% compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 56% of all tax collections.
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