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Texas Faces Budget Deficit as Tax Revenue Declines

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A report from Comptroller Glenn Hegar reveals that in October, sales tax collections were down 3.5 percent over the same period last year. Sales tax is the largest source of state funding for the state budget, accounting for 59 percent of all tax collections. 

“October sales tax collections from all major economic sectors declined significantly from year-ago levels, with the exception of collections from retail trade,” said Hegar. “The steepest declines were in receipts from oil- and gas-related sectors, with the rate of well drilling activity depressed almost 75 percent from the previous year.”

In total, the state collected $2.7 billion in sales taxes during the month of October.

Texas collected the following revenue from other major taxes:

  • motor vehicle sales and rental taxes — $455 million, down 6.1 percent from October 2019;
  • motor fuel taxes — $286 million, down 8.3 percent from October 2019;
  • oil production tax — $200 million, down 42.2 percent from October 2019;
  • natural gas production tax — $57 million, down 32.9 percent from October 2019;
  • hotel occupancy tax — $33 million, down 33.3 percent from October 2019; and
  • alcoholic beverage taxes — $88 million, down 24.2 percent from October 2019.

Sources:

https://comptroller.texas.gov/about/media-center/news/2020/201102-sales-tax.php

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