The city of Breckenridge will see another increase in sales tax returns this month from the same period a year prior. These allocations are based on sales made in June by businesses that report tax monthly and on sales made in April, May and June by quarterly filers.
Texas Comptroller Glenn Hegar announced Wednesday, Aug. 10 he will send cities, counties, transit systems and special purpose taxing districts $1.2 billion in local sales tax allocations for August, 10.8 percent more than in August 2021.
Breckenridge’s rebate this month from their 2% rate is $215,657.58, up 9.7% compared to the $196,582.13 rebate received during the same month last year. So far this year, the city’s rebates are up 13.19%, to $1,518,662.91 compared to $1,341,632.99 received at this time last year.
Stephens County collects no county-level sales
tax.
July sales taxes
On Monday, Aug. 1, Hegar said state sales tax revenue totaled $3.88 billion in July, 14.7% more than in July 2021, and the highest monthly collections on record.
The majority of July sales tax revenue is based on sales made in June and remitted to the agency in July.
“July state sales tax collections showed continued vigorous growth from non-retail sectors,” Hegar said. “The sharpest increase from a year ago was once again in receipts from oil and gas mining, but receipts from the construction, manufacturing and wholesale trade sectors were also up by double digits for the eighth consecutive month.
“Receipts from retail trade and restaurants increased at a moderate pace, with some retail segments showing no growth or declining from a year ago as pent-up demand from the pandemic wanes and consumer spending priorities shift in response to inflation. “Receipts from auto dealers and parts stores and home improvement stores exhibited double-digit growth, while receipts from general merchandise and online vendors grew more modestly. Receipts from clothing and apparel stores, home furnishings stores, and sporting goods and hobby stores were flat compared with a year ago, while receipts from electronics and appliance stores declined.”
Total sales tax revenue for the three months ending in July 2022 was up 13.1% compared with 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 $605 million from motor vehicle sales and rental taxes, up 5% from July 2021. Texas collected $324 million from motor fuel taxes, up 3% from July 2021. The state collected $694 million from oil production taxes, the highest monthly collection on record, up 84% from July 2021. The state collected $532 million from natural gas production taxes, the highest monthly collections on record, up 185% from July 2021.
Texas collected $73 million from hotel occupancy taxes, up 22% from July 2021. The state also collected $149 million from alcoholic beverage taxes, up 13% from July 2021.
Sales taxes are the largest source of state funding for the state budget, accounting for 59% of all tax collections, according to the comptroller’s office.
