73.1 F
Fort Worth
Sunday, September 20, 2020
- Advertisements -
Business Texas sales tax collections went up in July — and were higher...

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

Other News

Texas A&M Law professor recalls Ginsburg’s impact

Supreme Court Justice Ruth Bader Ginsburg, a towering women’s rights champion who became the court’s second female justice, died Friday at her home...

Can Trump and McConnell get through the 4 steps to seat a Supreme Court justice in just 6 weeks?

Caren Morrison, Georgia State University United States Supreme Court...

Trump backs proposed deal to keep TikTok operating in US; Texas mentioned as HQ

By STAN CHOE AP Business WriterNEW YORK (AP) — President Donald Trump said Saturday he's given his "blessing" to a proposed deal...

Buchele’s 5 TDs help SMU beat North Texas 65-35

DENTON, Texas (AP) — Shane Buechele threw three of his four touchdown passes in the first quarter and SMU cruised to a...

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>
- Advertisements -
- Advertisements -

Latest News

Can Trump and McConnell get through the 4 steps to seat a Supreme Court justice in just 6 weeks?

Caren Morrison, Georgia State University United States Supreme Court...

Trump backs proposed deal to keep TikTok operating in US; Texas mentioned as HQ

By STAN CHOE AP Business WriterNEW YORK (AP) — President Donald Trump said Saturday he's given his "blessing" to a proposed deal...

Texas bars and distilleries rip Gov. Greg Abbott for leaving them out of “unacceptable” reopening plan

By Dan Rosenzweig-Ziff, The Texas Tribune Sept. 19, 2020 "Texas bars and distilleries rip...

Supreme Court justices remember Ginsburg

'I loved her to pieces,' retired Justice Souter says of RBGWASHINGTON (AP) — The remaining eight Supreme Court justices, and two former...

No vote on RBG successor until after election, Collins says

By DAVID SHARP Associated PressRepublican Sen. Susan Collins said Saturday there should be no vote on a successor to the late Supreme...