Texas’s Sales-Tax Revenue Falls 5.6% in August

Texas’s sales-tax revenue totaled $2.82 billion in August, down 5.6% from a year earlier, as businesses were affected by the coronavirus pandemic, according to a report released by Texas Comptroller Glenn Hegar.

• The majority of August sales-tax revenue is based on sales made in July and remitted to the agency in August. Rising COVID-19 infection rates in July likely suppressed economic activity: Comptroller
• “State sales tax collections from all major sectors other than retail trade declined significantly from year ago levels, with the largest declines in the oil- and gas-related sectors,” Hegar said in a statement
• Hegar warned that ...