State sales tax revenue was $3.65 billion in December 2021
EL PASO, (KTSM) — On Monday, Texas Comptroller Glenn Hegar said the state’s sales tax revenue was $3.56 billion in December, as part of his report monthly on state sales tax revenue.
December sales tax receipts come from sales made in November and are forwarded to the Texas Comptroller agency in December.
Sales tax revenue increased by 24.4% from December 2020 to December 2021. Compared to December 2019, sales tax revenue increased by 18.1%. Year-over-year increases in most tax revenue continue to be affected by base effects: the previous year’s revenue to which this year’s revenue is compared has been suppressed by the pandemic.
The agency says total sales tax revenue for the three months ending December 2021 was up 22.9% from the same period a year ago and 16.8% from 2019. Sales tax is the main source of state funding for the state budget, accounting for 59% of all tax revenue.
Texas collected the following revenues from other major taxes, most of which were up sharply from a year ago due to base effects:
- motor vehicle sales and lease taxes – $531 million, up 21% from December 2020 and 24% from December 2019;
- fuel taxes – $312 million, up 12% from December 2020 and less than 1% from December 2019;
- oil production tax – $450 million, up 128% from December 2020 and 24% from December 2019;
- natural gas production tax – $384 million, the highest monthly revenue amount on record, up 349% from December 2020 and 237% from December 2019;
- hotel occupancy tax – $40 million, up 57% from December 2020 and down 19% from December 2019; and
- liquor taxes – $124 million, up 47% from December 2020 and 5% from December 2019.
“The largest increases in retail revenue came from electronics and appliance stores and clothing stores, two segments particularly affected in the previous year by the pandemic. But double-digit growth continued in revenue at home improvement and furniture stores, sporting and leisure goods stores and online general merchants, segments boosted a year ago by shopping habits. pandemic spending,” Hegar said.
“Double-digit increases in revenue from sectors fueled by business spending were driven by oil and gas extraction, manufacturing, wholesale trade and construction, with revenue coming solely from the extractive sectors oil and gas and rental and leasing remaining below pre-pandemic levels.”
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