Texas revenue totals for fiscal year 2020 were down 1.5 percent from the previous year

Texas revenue totals for fiscal year 2020 were down 1.5 percent from the previous year, but still came out ahead of recent projections, the state Comptroller Glenn Hegar said recently.

Yearly revenues were slightly ahead of projections from the revised Certification Revenue Estimate (CRE) released in July.

The comptroller’s office announced that General Revenue-related revenue for fiscal 2020 totaling $56.98 billion was down by 1.5 percent from fiscal 2019.

All Funds tax collections were $57.38 billion, also down, but by a greater margin of 3.4 percent from fiscal 2019.

Motor vehicle sales and rental tax revenue was $4.8 billion, down 3.9 percent from fiscal 2019, reflecting less purchases and less travel.

Oil production tax revenue was $3.23 billion, down 16.9 percent from fiscal 2019, and natural gas production tax revenue was $925 million, down 45.1 percent from fiscal 2019. Both reflect the significant impact of the state shutdown order on the oil and gas industry, which has drawn to a near halt.

On the flip side, sales tax revenue was up 0.2 percent over fiscal 2019 at $34.10 billion.

Franchise tax revenue was up 4.8 percent over fiscal 2019 at $4.42 billion.

All Funds revenue was up 10.7 percent over fiscal 2019, at $141.58 billion, primarily due to substantial increases in federal funding for coronavirus-related assistance.

“This was, in part, due to surprisingly strong July sales tax collections as Texans’ spending for home improvement projects increased while they spent more time at home both for teleworking and staycations, in lieu of leisure travel,” Hegar said. “Those July gains, however, were largely reversed in August, bringing actual collections closer to, but still ahead of, our estimate.”

The August state sales tax revenue was down 5.6 percent (at $2.82 billion) compared to August 2019. Most of August’s sales tax revenue remitted to the state came from sales in July.

The post Texas revenue totals for fiscal year 2020 were down 1.5 percent from the previous year appeared first on The Hayride.

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Author: Bethany Blankley

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