Texas Comptroller Glenn Hegar reports that state sales tax revenue totaled $4.01 billion in May, 4.5 percent 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.
Hegar said, “Monthly state sales tax collections soundly exceeded collections from last May, contrary to signs of slowing spending in recent months.” He said, “Growth in receipts occurred for almost all major sectors.”
He also passed along, “Receipts from the major sectors driven by business spending, with the exception of the mining sector, were up compared with a year ago. Receipts from consumer spending-driven retail trade were up, led by online merchants, while receipts from live entertainment services also grew. 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.
