Texas sales tax receipts up 6.6 percent in October
AUSTIN, Texas (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 by The Associated Press. All Rights Reserved.)