Oil and sales tax revenues up as Texas pulls in $2.8B more than expected
AUSTIN — The state economic picture is improving as forecasts now show Texas with $2.8 billion more in revenue than expected, according to a report released Wednesday by the comptroller's office.
Soaring sales and use tax returns are a big driver, with collections up 10 percent from last year. Similarly, oil and natural gas production tax collections are performing above last years totals.
The additional revenue is a welcome boon at a time when the state is facing future budget challenges, including damage left by Hurricane Harvey.
While celebrating the improving outlook, Comptroller Glenn... read more