State of Texas received record amounts of revenue in June from taxes on production of crude oil and natural gas, according to comptroller Glenn Hegar. “State sales tax collections surged in June, outpacing inflation, with strong growth in receipts from all major economic sectors,” Hegar said July 1. Majority of June sales tax revenue is based on sales in May and remitted to the agency in June.
Hegar said tax revenue on oil production was $679 million, highest monthly collection on record and 87 percent above June 2021, and on gas production tax revenue was $439 million, highest monthly collection on record and 176 percent above June 2021. “In addition to paying record-breaking tax revenue that funds our schools, roads, first responders and more,” chairman Wayne Christian of Railroad Commission of Texas said, “Texas’ oil and gas industry is our economy’s lifeblood, supporting roughly one-third of our state’s economy and paying an average salary of $130,000.”
