Bryson, Jacksboro sales tax returns down in new year

Bryson, Jacksboro sales tax returns down in new year Staff Report Tue, 02/27/2024 - 8:14 pm Sales tax returns are down for both the city of Jacksboro and the city of Bryson at the start of the new year. These allocations are based on sales made in December by businesses that report tax monthly; October, November and December sales by quarterly filers; and 2023 sales by businesses that report tax annually. Texas Comptrol ler Glenn Hegar announced Wednesday, Feb. 7 he will send cities, counties, transit systems and special purpose districts $1.3 billion in local sales tax allocations for February, 1.6% more than in February 2023. Jacksboro’s rebate thismonthfromtheir2% rate is $152,548, down 21.24% compared to the $193,704.49 rebate received during the same month last year. The city’s year-to-date rebates are down 17.90%, with payments totaling $291,091.23 compared to $354,557.75 received at the same time last year. Bryson’s rebate this month from their 1.5% rate is $8,148.84, down 20.03% compared to the $10,190.51 rebate received during the same month last year. The city’s rebates are down 11.54%, with payments totaling $15,190.82 compared to $17,173.48 received at the same time last year. Jack County collects no county-level sales tax. January Sales Tax On Thursday, Feb. 1, Hegar said state sales tax revenue totaled $4.02 billion in January, 2% less than in January 2023. The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January. “For the second time since pandemic restrictions were lifted, monthly state sales tax collections fell compared with the same month the year before,” Hegar said. “A contributing factor was higher- than-normal refund activity, but several sectors that have been trending downwards in recent months continued to show weakness in January. “Remittances from the wholesale trade sector were down for the ninth time in 10 months, and receipts from manufacturing were down for the fourth time in five months. Receipts from the oil and gas mining sector were down for the second month in a row. In the major sectors driven primarily by business spending, remittances from the construction sector were the lone positive standout, increasing by mid-single digits compared with a year ago. “Overall, receipts from the consumer- driven retail trade sector were just slightly above last year, but with receipts from most retail subsectors down. Receipts from electronics and appliance stores were down the most, followed by declines from clothing and apparel stores. Remittances from home improvement centers and furniture and home goods stores continued to decline significantly, as has been the case in recent months following the pandemic-spurred boom in those categories. Receipts from general merchandisers also fell. Receipts from online merchants were the bright spot among the large retail trade subsectors, with remittances coming in strongly over January 2023 totals. “ Receipts from restaurants grew in the mid-single digits and slightly higher than the inflation rate for food away from home.” Total sales tax revenue for the three months ending in January 2024 was up 1.6% compared with the same period a year ago. Texas collected $618 million from motor vehicle sales and rental taxes, up 9% from January 2023. The state collected $307 million from motor fuel taxes, down 1% from January 2023. The state collected $500 million from oil production taxes, up 3% from January 2023. The state collected $188 million from natural gas production taxes, down 41% from January 2023. Texas collected $25 million from hotel occupancy taxes, down 54% from January 2023. The state also collected $154 million from alcoholic beverage taxes, down 1% from January 2023. Sales taxes are the largest source of state funding for the state budget, accounting for 57% of all tax collections, according to the comptroller’s office.