Groesbeck Sale Tax Allocations increase
Texas Comptroller Glenn Hegar has announced that state sales tax revenue totaled $2.67 billion in January, 9.1 percent more than in January 2017.
“Growth in sales tax revenue occurred across all major economic sectors,” Hegar said in a press release. “The strong growth in revenue was led by collections from the mining, construction and wholesale trade sectors. The manufacturing, retail trade and restaurant sectors also saw strong gains.”
Total sales tax revenue for the three months ending in January 2018 was up 10.8 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 fuels and oil and natural gas production also rose in January 2018:
• Motor vehicle sales and rental taxes – $427.7 million, up 5.1 percent from January 2017.
• Motor fuel taxes – $304.6 million, up 3 percent from January 2017.
• Oil and natural gas production taxes – $407 million, up 63.9 percent from January 2017.
As a result of total sales tax revenue, Hegar will send cities, counties, transit systems and special purpose taxing districts $911.9 million in local sales tax allocations for February, which is 6.2 percent more than in February 2017. These allocations are based on sales made in December by businesses that report tax monthly; October, November and December sales by quarterly filers; and 2017 sales by businesses that report tax annually.
Payments statewide year-to-date total $1,049,722,725, up 6.54 percent over last year when the year-to-date total at this time was $985,246,825.
As for Limestone County results, Mexia received $261,396 from the state in February, down from February 2017 by 3.89 percent, when it received $271,989. Year to date, Mexia has received $488,857, up 0.69 percent from last year at this time, when it had received $485,484 year to date.
Groesbeck received $68,277 in February, up 5.6 percent from February 2017, when it received $64,656. Year to date, Groesbeck has received $135,312, up 17.03 percent from last year at this time, when it had received $115,618 year to date.
To read more, pick up a copy of Thursday's edition of The Groesbeck Journal! You can also subscribe online or call 254-729-5103.