A document has been released by the Texas Comptroller Office detailing the ins and outs of Texas taxes.
The 27-page report called A Field Guide to the Taxes of Texas , is filled with information regarding funds used to pay for 5 million public school students, health care for 4 million people in Texas, and other important operations covered under major Texas taxes.
“As the Legislature continues to work through the budgeting process and lawmakers weigh crucial issues such as school finance reform and property tax relief, my office works to provide the data and expertise needed to make key decisions affecting the people of Texas,” Texas Comptroller Glenn Hegar said. “This guide highlights and compiles useful information from a variety of Comptroller reports in one easy-to-reference spot.”
The document includes information on how major taxes have contributed to state revenue over the past decade, estimates on future revenue and exemption value, tax allocations, and resources about state taxes and findings.
The state of Texas collects over $200 billion in state taxes, fees, federal receipts, and other sources of revenue over the course of two years.
The top sources of Texas revenue are sales and use taxes at nearly 32 billion. Second place goes to vehicle sales and rental taxes at almost 5 billion and third goes to fuel taxes at about 3.6 billion.
As far as where the money goes, three of the state’s more prominent special revenue funds are the State Highway Fund (SHF) which deals with construction, maintenance and policing of public roads, the Property Tax Relief Fund (PTRF) to help finance the state’s K-12 public education system, and the Economic Stabilization Fund (ESF), also known as the ‘Rainy Day Fund’.
In addition to the field guide, interested parties can find reports that highlight state spending and revenue , at the Texas Comptroller’s website.