Comptroller Glenn Hegar released totals for fiscal 2024 state revenues, in addition to announcing monthly state revenues for August.
- General Revenue-related revenue for fiscal 2024 totaled $83.78b, up 1.1% from fiscal 2023.
- All Funds revenue was $181.12b, down 3.6% from fiscal 2023.
- All Funds tax collections were $81.87b, down 0.3% from fiscal 2023.
- Sales tax revenue was $47.16b, up 1.2% from fiscal 2023.
- Motor vehicle sales and rental tax revenue was $6.84b, up 0.2% from fiscal 2023.
- Franchise tax revenue was $6.86b, up 0.6% from fiscal 2023.
- Oil production tax revenue was $6.3b, up 6.3% from fiscal 2023.
- Natural gas production tax revenue was $2.13b, down 36.3% from fiscal 2023.
The Economic Stabilization Fund and State Highway Fund both receive funding from oil and natural gas severance taxes. In November, the Comptroller’s office will deposit $2.74b in each of those funds in fiscal 2025, down from the $3.06b deposited in each fund in fiscal 2024.
Hegar also said state sales tax revenue totaled $4 billion in August, 0.4% more than in August 2023. Texas collected the following revenue from other major taxes in August:
- motor vehicle sales and rental taxes -$649m, down 2% from August 2023;
- motor fuel taxes – $330m, up 0.2% from August 2023;
- oil production tax – $543m, up 8% from August 2023;
- natural gas production tax – $80m, down 42% from August 2023;
- hotel occupancy tax – $69m, down 2% from August 2023; and
- alcoholic beverage taxes – $139m, down 6% from August 2023.
The Comptroller announced he will send cities, counties, transit systems and special purpose districts $1.1b in local sales tax allocations for September, 6.3% more than in September 2023.
