Texas Sales Tax Receipts Up 6.6 Percent In October
AUSTIN (AP) – Texas Comptroller Susan Combs says state sales tax receipts grew 6.6 percent in October compared to the same month a year ago.
Combs said Wednesday that the $1.6 billion jump marks the seventh consecutive month of growth following a 14-month slump.
Combs said growth was posted in major sectors, including the oil and gas industry, retail trade and construction.
The comptroller said the state will need to “keep monitoring revenue from these and other sectors to see if tax collections maintain an upward trend.”
The slump in sales tax receipts has contributed to a projected state budget shortfall that could be more than $20 billion. The size of the shortfall largely will be determined by how well sales tax receipts continue to rebound.
(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)