Comptroller Glenn Hegar released totals for fiscal 2021 state revenues, in addition to announcing monthly state revenues for August.
- General Revenue-related revenue for fiscal 2021 totaled $60.5 billion, up 6.2% from fiscal 2020.
- All Funds tax collections were $61.47 billion, up 7.1% from fiscal 2020.
- Sales tax revenue was $36 billion, up 5.6% from fiscal 2020.
- Motor vehicle sales and rental tax revenue was $5.73 billion, up 19.0% from fiscal 2020.
- Franchise tax revenue was $4.53 billion, up 2.5% from fiscal 2020.
- Oil production tax revenue was $3.45 billion, up 6.8% from fiscal 2020.
- Natural gas production tax revenue was $1.57 billion, up 69.5% from fiscal 2020.
- All Funds revenue was $170.5 billion, up 20.4% from fiscal 2020, an increase attributable to federal funding for pandemic-related assistance.
“Yearly revenues were ahead of our projections in the revised Biennial Revenue Estimate (BRE) released in August,” Hegar said. “Motor vehicle sales and rental taxes and the natural gas production tax were particularly strong in the final month of fiscal 2021.”
The Economic Stabilization Fund (ESF) and State Highway Fund (SHF) both receive funding from oil and natural gas severance taxes. In November, the Comptroller’s office will deposit $1.46 billion in each of those funds, up from the $1.13 billion deposited in each fund in November 2020.
Hegar also said state sales tax revenue totaled $3.33 billion in August, 18.3% more than in August 2020. Year-over-year increases for most tax revenues continue to be affected by base effects: year-ago revenue collections to which this year’s collections are compared were suppressed by the pandemic. For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.