Texas Comptroller Glenn Hegar released the state sales tax revenue which totaled $4.01 billion in May 2024 and is 4.5% more than in May 2023. The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May.
The City of Brownfield brought in $210,865.92 and is up from this time last byear by 25.40% from $168,142.62. Also the year-to-date amount is up as well from $675,676.22 to $775,982.79, which is a 14.84% increase. Terry County also recieved an increase of sales tax revenue from $61,724.18 to $86,944.66, a 40.85% increase. Like Brownfield, the County year-to-date was up from $310,511.23 to $336,603.49 which is an 8.40% increase.
The City of Meadow is slightly up by 2.96% from $1,962.00 to $2,020.19 and Meadow is up year-to-date from $9,312.36 to $9,800.79, a 5.24% increase. The City of Wellman recieved a major increase by 1,097.01%. Last year this time the City of Wellman brought in $692.75, and last month brought in $8,292.33. Wellman’s year-to-date of course is up by 284.75% from $3,291.36 to $12,663.69.
Hegar went on to say, “Monthly state sales tax collections soundly exceeded collections from last May, contrary to signs of slowing spending in recent months and Growth in receipts occurred for almost all major sectors.”
According to Hegar, receipts from the major sectors driven by business spending, with the exception of the mining sector, were up compared with a year ago. The receipts from consumer spending-driven retail trade were up, led by online merchants, while receipts from live entertainment services also grew. Also, receipts from restaurants grew at slightly below the rate of inflation for food away from home.”
Total sales tax revenue for the three months ending in May 2024 was up 2.2 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes — $633 million, up 6 percent from May 2023;
- motor fuel taxes — $325 million, down 4 percent from May 2023;
- oil production tax — $556 million, up 12 percent from May 2023;
- natural gas production tax — $180 million, down 9 percent from May 2023;
- hotel occupancy tax — $71 million, down 1 percent from May 2023; and
- alcoholic beverage taxes — $152 million, down 3 percent from May 2023.
Fiscal 2024 franchise tax collections totaled $6.38 billion year-to-date through May. Compared with collections through May 2023, year-to-date franchise tax collections were up 2.6 percent, higher than what was projected in the Comptroller’s 2024-25 Certification Revenue Estimate.
