Texas Comptroller Glenn Hegar is out with the latest monthly sales tax report showing revenue for the month of June totaling $3.68 billion in June — 16.4 percent more than in June 2021.
As a result of a sustained period of historically high revenues, later this month Hegar will provide an update to the Certification Revenue Estimate published back in November 2021. That update is expected to include a significant increase in estimated revenue available for the 2022-23 biennium.
“State sales tax collections surged in June, outpacing inflation, with strong growth in receipts from all major economic sectors,” Hegar said.
The strongest growth was in sectors driven primarily by business spending, with receipts from the mining sector nearly doubling collections from last year, and with receipts from the manufacturing, wholesale trade and construction sectors also up sharply.
Receipts from restaurants and the services sector were strong once again in June, as consumers continue to spend more on live events with entertainment options becoming available that were not available the last two years.
“While receipts overall from retail trade were strong, receipts from furniture and home furnishings stores, as well as sporting goods and hobby stores, declined from year-ago levels for the third straight month, another indication consumers are switching spending from goods to services,” said Hegar
Total sales tax revenue for the three months ending in June 2022 was up 12.5 percent compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 59 percent of all tax collections.
