“Sales tax revenue increased for almost all major economic sectors,” Hegar said. “The strong revenue growth was led by collections from the mining and manufacturing sectors. The construction, wholesale and retail trade sectors also saw strong gains.”
Total sales tax revenue for the three months ending in June 2018 was up 12.4 percent compared to the same period a year ago. Sales tax revenue is the largest source of state funding for the state budget, accounting for 58 percent of all tax collections.
Revenue from other major taxes on motor vehicle sales and rentals, motor fuel and oil and natural gas production also rose in June 2018:
- motor vehicle sales and rental taxes — $433 million, up 4.5 percent from June 2017;
- motor fuel taxes — $325.4 million, up 4.2 percent from June 2017; and
- oil and natural gas production taxes — $456.5 million, up 69.2 percent from June 2017.
For details on all monthly collections, visit the Comptroller’s Monthly State Revenue Watch.