TEXAS OFFICE OF THE COMPTROLLER
AUSTIN— Texas Comptroller Glenn Hegar today said state sales tax revenue totaled $4.01 billion in May, 4.5 percent more than in May 2023. The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May.
Total sales tax revenue for the three months ending in May 2024 was up 2.2 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
Fiscal 2024 franchise tax collections totaled $6.38 billion year-to-date through May. Compared with collections through May 2023, year-to-date franchise tax collections were up 2.6 percent, higher than what was projected in the Comptroller’s 2024-25 Certification Revenue Estimate.
