For the fiscal year, which ended Aug. 31, the state collected $10.83 billion in oil and...
. Texas Comptroller Glenn Hegar said the state’s “All Funds” tax collections, which includes general revenue, were $77.21 billion, up 25.6 percent compared to the last fiscal year.
“To put it into perspective, only five times since 1988 has the rate of growth in Texas’ All Funds tax collections exceeded the prior fiscal year by double digits — and those increases ranged from 10 to 13 percent,” Hegar said. “This year’s rate of growth was almost double the previous high in that time.”
Tax revenue across the board was higher this year for Texas compared with last year. Sales tax revenue increased by nearly 20 percent, and motor vehicle sales and rental tax revenue went up more than 12 percent.Exxon Mobil and Chevron preach ‘capital discipline’ in shale while reporting multibillion dollar profits
Taxes on oil and gas production are normally a big money maker for the state, but exceeded state estimates for fiscal year 2022. The oil production tax revenue jumped 84.4 percent to $6.36 billion, compared with $3.45 billion in 2021. Natural gas production tax revenue more than doubled to $4.47 billion, up from $1.57 billion last fiscal year.
Increased oil and gas production in the state has been boosted by high oil prices. Overall this year crude oil prices and demand were recovering from the pandemic, but Moscow’s February invasion of Ukraine strained a global oil supply that already couldn’t keep up with demand. That imbalance sent crude oil prices to multi-year highs, trading as high as $120 per barrel at times.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Expect daytime closures of SR 51 off-ramps at Northern Avenue beginning Aug. 27
Consulte Mais informação »
San Antonio’s week in photos, Aug. 28-Sept. 3Each week, the San Antonio Report shares its most meaningful images as a visual account of the city's ever-evolving landscape.
Consulte Mais informação »
Houston high school volleyball top performers: Aug. 29-Sept. 3Outside hitter Maddy Chaapel of Katy among the week's best
Consulte Mais informação »
Saylor gets sued, FBI warns about DeFi exploits, and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28 - Sept. 3Tether requests Roche Freedman to be booted from class action, while Indonesia plans to have its crypto bourse set up by the end of this year. Keep track of this week’s news on our Hodler’s Digest.
Consulte Mais informação »
21-year-old Canadian TikTok influencer falls to death while skydivingA 21-year-old Canadian college student and TikTok influencer fell to her death while skydiving in Toronto last weekend, according to reports.
Consulte Mais informação »
Who was the best high school athlete in Greater Columbus last week? Your votes decideVote for the high school athletes in Greater Columbus who gave the most impressive performances from Aug. 29-Sept. 4
Consulte Mais informação »