Tax revenue in Texas increased by a record 25.6 percent in the current fiscal year through August, driven by economic growth and inflation, according to state Comptroller Glenn Hegar.
All funds tax collection for the fiscal year 2022 through August came in at $77.2 billion, topping projections made in the state’s Certification Revenue Estimate by almost $841 million, data from Hegar’s office show.
Since 1988, growth in all funds tax collections has exceeded the prior fiscal year by double digits just five times. And even then, they were only in the range of 10 to 13 percent. The increase in fiscal 2022 to date is almost double the largest increase seen since 1988….