Texas January Sales Tax Revenue Spike
Texas – According to the Texas Comptroller’s Office, Sales Tax Revenue in Texas largely increased by 10 percent in the month of January. Collected sales tax receipts for January showed that Texas earned $2.7 billion which was a 9.1% increase since the $2.5 billion collected in January 2016.
According to Comptroller Glenn Hegar, there has been growth in wholesale, mining, and construction trade sectors which contributed to the great increase in last month’s sales tax revenue in Texas. Manufacturing, retail trade, and restaurant sectors also contributed to the increase.
The December 2017 sales tax revenue jumped 12.3 percent, increasing from $2.4 billion to $2.8 billion since December 2016. This boost was a result of holiday shopping and increased spending in the oil and natural gas sector.
However, the Federal Reserve Bank of Dallas reflected differently. According to the service sector and retail outlook surveys recently issued, retail sales fell in January. The surveys indicated less retail sales, which is the bank’s retail sales index that measures the pace of sales and the industry had decreased in January.
About Davis Davis & Harmon LLC – Sales Tax Experts: Headquartered in Dallas, Texas, Davis Davis & Harmon LLC – Sales Tax Experts (DDH LLC) specializes in sales/use tax audit consulting and audit defense. Our team of consultants is comprised of former Big 4 sales tax consultants and state sales tax auditors. Each of our consultants has 15 to 20 years of experience, providing our clients with access to a highly specialized team of sales/use tax professionals. At DDH LLC we are committed to maintaining the highest standards in our talent pool. We work hard to meet our clients’ needs by ensuring that you view our firm as an extension of your company and a member of your team.
For sales/use tax compliance questions or audit-related concerns, we are here to help!
Contact us at Davis Davis & Harmon LLC or call 972-488-5000
