Texas comptroller Glenn Hegar recently said state sales tax revenue in January 2024 totaled $4.02 billion – 2 percent less than January 2023. The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January.
Hegar said Feb. 3, “For the second time since pandemic restrictions were lifted, monthly state sales tax collections fell compared with the same month the year before… Several sectors that have been trending downwards in recent months continued to show weakness in January.” Receipts from the oil and gas and mining sector were down for the second month in a row.
Texas received $500 million from oil production tax (up 3 percent from January 2023) and $188 million from natural gas production tax (down 41 percent from January 2023).