Comptroller Glenn Hegar announced state sales tax revenue totaled $3.68 billion in February, 14.2% more than in February 2022. The majority of February sales tax revenue is based on sales made in January and remitted to the agency in February. Hegar noted “growth in February sales tax receipts significantly outpaced inflation, which is still hovering over 6 percent” and “economic activity in the state is not yet slowing significantly despite high interest rates and fears of recession.”
Texas collected the following revenue from other major taxes:
- Motor vehicle sales and rental taxes: $542 million
- Up 14% from February 2022
- Motor fuel taxes:$304 million
- Up 1% from February 2022
- Oil production tax: $492 million
- Up 2% from February 2022
- Natural gas production tax: $305 million
- Down 5% from February 2022
- Hotel occupancy tax: $42 million
- Up 2% from February 2022
- Alcoholic beverage taxes: $130 million
- Up 13% from February 2022