Monday, December 6, 2021
53.9 F
Fort Worth

Texas sales tax collections went up in July — and were higher than one year ago

🕐 2 min read

By Cassandra Pollock, The Texas Tribune Aug. 3, 2020

Texas sales tax collections went up in July — and were higher than one year ago” was first published by The Texas Tribune, a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues.

For the first time in months, Texas’ state sales tax revenue increased when compared to the same period last year despite the ongoing coronavirus pandemic, Comptroller Glenn Hegar said Monday.

Texas collected $2.98 billion in sales tax revenue in July — 4.3% more than in July 2019. That revenue, which mainly reflects purchases made in June, was “better than expected, despite the high unemployment due to the pandemic,” Hegar said in a statement.

“The increase was due to a surge in collections from the retail trade sector,” he said, noting that receipts from other major sectors in the state, such as construction, services and restaurants, “showed significant declines.”

State sales tax revenue is the state’s single largest source of funding. Since the pandemic hit, Hegar, along with other state leaders, have warned that the financial fallout could prompt a months-long if not years-long recovery for the state.

The state’s total sales tax revenue for May, June and July this year was down 5.3% compared to the same period last year, Hegar said Monday.

The Texas Legislature will face an uphill climb with the state budget process when it reconvenes for its regular session in January. Last month, Hegar revised his revenue estimate, projecting general revenue available for the state’s current two-year budget would be roughly $11.5 billion less than originally estimated. Hegar also said the state was on track to end the biennium, which runs through August 2021, with a deficit of nearly $4.6 billion.

                <p>This article originally appeared in <a href="http://www.texastribune.org/">The Texas Tribune</a> at <a href="https://www.texastribune.org/2020/08/03/texas-sales-tax-revenue-increased/">https://www.texastribune.org/2020/08/03/texas-sales-tax-revenue-increased/</a>.</p>
                <link rel="canonical" href="https://www.texastribune.org/2020/08/03/texas-sales-tax-revenue-increased/">
                <p>The Texas Tribune is proud to celebrate 10 years of exceptional journalism for an exceptional state.
                <a href="https://www.texastribune.org/series/10th-anniversary/?utm_campaign=trib-marketing&utm_source=media_partners&utm_medium=website&utm_term=reprint-footer">Explore the next 10 years with us.</a></p>
                <script src="https://dot.texastribune.org/static/dist/dot.min.55eef7d282ec435600d1.js" integrity="sha384-kWHbWWrJHsBy04/FLYpSF8whX7iznTaWu7KCwxjA7qmPD3La29VFha61MJDfKQ+e" crossorigin="anonymous" data-tt-canonical="https://www.texastribune.org/2020/08/03/texas-sales-tax-revenue-increased/"></script>

Related Articles

970x250_DM_Leasing

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate