Texas Sees 25% Tax Revenue Surge As Oil Firms Boom

Tax revenue in Texas grew by a record 25.6 percent for the 2022 fiscal year through August, according to the latest tax collection data released by the state Comptroller of Public Accounts, Glenn Hegar. All-funds tax collection for fiscal year 2022 until August came in at $77.2 billion, beating projections made in the Certification Revenue Estimate by nearly $841 million, the data show. Since 1988, the growth in the all-funds tax collections has exceeded the prior fiscal year by double digits just five times. And even then, the increases were only…