AUSTIN - Texas Comptroller Glenn Hegar says the slump in the oil and gas industry was a big factor in a four-percent drop in January 2016 sales tax revenues when compared to a year ago.
Hegar says sales tax receipts were also down for motor vehicle sales and rental taxes compared to January 2015.
Sales tax collections account for more than half of all taxes collected by the state and are the biggest source of funding for the Texas budget.
On a positive note, Hegar says sales tax revenues continue to rise for the construction sector, motor fuels, and in those industries driven by consumer spending such as retail and restaurants.
The gains seen in those areas were not enough to offset the big drop in tax receipts from oil and gas-related sectors.
Total state sales tax revenue for January 2016 stood at $2.47 billion.