Sales tax income slightly behind last year’s pace
Wood County entities that collect taxes on retail sales are just slightly behind last year’s revenues.
The May report from the state comptroller’s office showed that six cities …
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Sales tax income slightly behind last year’s pace
Wood County entities that collect taxes on retail sales are just slightly behind last year’s revenues.
The May report from the state comptroller’s office showed that six cities collecting sales tax earned $591,153 in May, compared to $595,107 in May 2023.
For the year those entities have collected $2,686,079 as their share of the tax compared to $2,707,526 at this time last year, a decline of just eight-tenths of one percent.
The taxes rebated by the state comptroller in May are primarily from sales made by retailers in March and reported to the state in April, plus filers who pay their sales taxes quarterly.
While the cities collect a 1.5% tax on top of the state’s 6.25% tax, Wood County collects an additional half cent and earned $258,762 for the May report. Last year the county’s sales tax revenue was $263,250 in May and for the first five months of the year was $1,238,522, which declined this year to $1,225,487, or about one percent.
Only the cities of Alba and Yantis are ahead of last year, though the others are less than five percent behind 2023.
Alba received $34,616 in May compared to $34,766 a year ago, bringing the 2024 total to $149,751, a gain of 2.6% from last year’s $145,941.
Yantis had a rebate of $12,424 for May compared to $10,351 a year ago, That brought 2024 revenues to $62,384, a gain of 16.3%.
Mineola brought in $272,772 in May for a slight gain from $272,269 last year. For the year the city has earned $1,273,948 in five months. Last year the income was $1,274,435.
Quitman revenues for 2024 are $394,026, down three percent from $406,174 in 2023. The May rebate for $91,018 is down 4.35% from $95,163.
Winnsboro reported revenues of $135,432 for May for a 2.76% gain. For the year the city remains behind by two percent at $601,555.
Hawkins has the largest decline from last year. The monthly rebate of $44,888 is down from $50,760 a year ago. The yearly total of $204,412 is off by 4.22% from $213,421.
The seven entities combined have earned $3,911,567 in sales tax revenue for January through May. A year ago they had brought in $3,946,048.