(AUSTIN) — Texas Comptroller Glenn Hegar has advised Lamb County residents that the sales tax revenue that was returned to the five cities in Lamb County amounted to a combined total of $190,347.25 for May 2022.
He also noted that the state sales tax revenue totaled $3.69 billion in May, 8.6% more than in May 2021. Annual revenue growth of 8.6% suggests modest growth in underlying taxable economic activity, in view of the current inflationary environment with Consumer Price Index inflation at 8.3% in April.
The City of Amherst received a return of $1,765.45 which is compared with the $1,800.28 (a drop of 1.93%) it received at this time last year. Amherst has received a total of $13,902.01 for the year so far.
The City of Earth received a return of $6,247.94, (20.25% less than the $7,834.81 it received last year for this period. Earth has received $46,527.62 so far this year.
Littlefield received a return in the amount of $142,749.69, which is compared with the $120,364.50 it got last year for this period. That’s an 18.59% increase. Littlefield has reveived a total of $792,607.67 for the year.
Olton’s return for May was $21,289.57, (which is a 16.16% decrease) from last year-to-dates $25,393.29. Olton’s total for the year is $13,777.40
The City of Sudan received a return of $18,294.60, (a 65.54% increase) from last year’s $11,051.29. Sudan has received a total of $141,624.06 for the year to date.
Over in Hockley County, The City of Anton received a return of $7,190.06, (an increase of 16.22%) from last year’s $6,186.08. Anton has received a total of $46,829.02 for the year, to date.
The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May.
“Strong, double-digit growth was seen once again in sectors driven primarily by business spending, with receipts from the oil and gas mining sector continuing to exhibit particularly robust growth compared to a year ago,” Hegar said. “Receipts from the construction and wholesale trade sectors also continue to show strong growth.
“Receipts from the services sector posted another substantial gain compared to the same month last year. Spending at sporting events and concerts was especially strong last month as consumers continue to spend more on live entertainment after being restricted during the pandemic. Receipts from restaurants also increased compared to May 2021.
“Increases in these consumer-driven sectors, coupled with a decrease in receipts from the furniture and general merchandise sectors compared to a year ago, may further indicate that sectors that benefited from pandemic spending patterns will face continued headwinds due to a shift in consumer spending patterns from goods to services.”
Total sales tax revenue for the three months ending in May 2022 was up 15.7%, compared to the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 59% of all tax collections.
Texas collected the following revenue from other major taxes:
• Motor vehicle sales and rental taxes — $603 million, up 9% from May 2021;
• Motor fuel taxes — $319 million, up 1% from May 2021;
• Oil production tax — $595 million, up 64% from May 2021;
• Natural gas production tax — $413 million, the highest monthly collections on record, up 216% from May 2021;
• Hotel occupancy tax — $69 million, up 44% from May 2021; and
• Alcoholic beverage taxes — $154 million, the highest monthly collections on record, up 22% from May 2021.
Fiscal 2022 franchise tax collections totaled $5.16 billion year-to-date through May. Last year, the reporting deadline was deferred to June from the usual May 15 due date. Compared to collections through June 2021, year-to-date franchise tax collections were up 21.6%.