The Texas sales tax revenue hit $3.92 billion, 6.8% higher than in June last year.
Texas Sales Tax Revenue Hits $3.92 Billion This June Following Higher Major Taxes Collected Than Last Year
The Texas sales tax revenue hit $3.92 billion this June, which was reportedly 6.8% higher than the Texas sales tax revenue in June last year, following higher major taxes collected.
With the recent Texas sales tax revenue reported, the collected revenue came from different sectors, such as manufacturing, oil and gas mining, construction, and wholesale trade, which were evidently higher than the reported Texas sales tax revenue in June last year following the increasing prices of materials and services due to inflation.
Apart from the collected tax revenue from the major sectors, the Texas sales tax revenue reported also consisted of collected revenue from different taxes not limited to rental and beverage taxes, which were still reportedly higher than the Texas sales tax revenue last year, The Center Square reported.
READ ALSO: State Revenues Decreased Along With Tax Reduction
Texas Sales Tax Revenue in June 2023 Hits 6.8% Higher Than in The Same Month Last Year
Following the Texas sales tax revenue reportedly hitting 6.8% higher than in June last year, officials also saw growth in collected revenue from different major sectors during the last months this year.
The recent Texas sales tax revenue showed increased collected revenue from different sectors due to how much major businesses spent these past months, resulting in the reported Texas sales tax revenue for the last three months being higher than last year.
READ ALSO: New Tax Plan To Result In Estimated Revenue Losses Of Up To $120 Billion In US
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