In another sign that Texas’ economy has emerged from the doldrums of the Great Recession, the Comptroller recently reported another strong month for sales tax collections, suggesting that businesses and consumers are picking up the pace of their spending.
More from the press release:
Texas Comptroller Susan Combs announced today that state sales tax revenue in March was $1.87 billion, up 16.9 percent compared to March 2011.
“The latest sales tax revenue numbers mark a continuation of recent trends we have seen in sales tax receipts,” Combs said. “Strong collections continued in oil and gas-related sectors, while growth in revenue from the retail sector and restaurants also accelerated.”
Combs will send April local sales tax allocations totaling $488.7 million to cities, counties, transit systems and special purpose taxing districts, up 17 percent compared to April 2011.
With this latest increase in collections, the state has now seen 24 consecutive months of increased sales tax collections. Certainly welcome news for all.
-James Quintero