Texas legislators and budget experts are receiving a breath of fresh air with Wednesday's announcement from state comptroller Susan Combs claiming sales tax revenue jumped 6.6 percent in October.
The $1.6 billion income marks the seventh consecutive month of growth in sales tax receipts, following a 14 month series of declines.
"We're real surprised about the number - it's way above budget," said Combs. "It gives you a bit of breathing room in case things come up throughout the year."
The comptroller added that the returns came primarily from the state's major industries, such as energy, retail and construction, following a spike in small business activity and entrepreneurs looking to incorporate in Texas.
Although a sign of relief, the numbers are overshadowed by a budget shortfall that could reach more than $20 billion. However, that projection may be reduced if sales tax receipts, being the state's primary source of revenue, continue to improve.
Tags : incorporation news, taxes, tx
Posted: Nov 18th, 2010