February 2015 State Sales Tax Allocations Increase Despite Decline in Crude Prices
Texas Comptroller Glenn Hegar has released the state sales tax revenue for January 2015 which shows an 11 percent increase from 2014 and is the 58th consecutive month of year-over-year growth.
Hegar cited business spending as the leading factor for the increase. “In spite of the recent decline in crude oil prices, tax receipts from the oil and natural gas mining sector also grew strongly,” said Hegar.
Of the sales tax revenue, $873.1 million will be allocated throughout Texas, an 8.9 percent increase from last year. Cities will receive more than $569 million, counties more than $54 million, transit systems more than $196.7 million and the remaining $52 million will be allocated to special purpose taxing districts.
In West Texas, Amarillo has been allocated more than $8 million, Midland $7.3 million and Odessa more than $5 million.
Within Lubbock County: the city of Lubbock received $7.2 million, reflecting a 5.48 percent growth; Wolfforth grew by 28.5 percent, receiving more than $51,000; and New Deal experienced a 31 percent decline and received more than $3,300.
Comptroller Hegar said his office will continue to monitor trends to see how oil prices will affect the state economy, but sees “encouraging signs of continued strength.”