Pub. 60 2019-2020 Issue 3

34 5 Comptroller’s 9 BILLION from funds, to system. The e the amount of restructuring in he $1.00 increase scal 2007. Over s office estimates ll sources. d, receives nd natural gas that exceed y unencumbered ennium. By the e of the ESF ming no new ring the 2020-21 49.8 PERCENT of FISCAL 2021 ESTIMATED $9,012,029,000 $5,246,579,000 $14,258,608,000 FISCAL 2021 ESTIMATED $2,111,169,000 FISCAL 2021 ESTIMATED $2,402,911,229 $6,950,000,248 $9,352,911,477 $18,797,980,184 Want More Details? T he Comptroller’s office publishes many reports that assist state government planning and decision-making and account for state spending to the taxpayers of Texas. This guide highlights some of the current data from several of these reports, and provides links to find more in-depth or updated data. The full reports can be found at comptroller.texas.gov/transparency/reports . Net State Revenue By Source FISCAL 2019 • ALL FUNDS, E XCLUDING TRUSTS SOURCE REVENUE CHANGE FROM FISCAL 2018 Tax Collections $59,380,722,097 6.8% Federal Income $41,904,474,352 5.8% Licenses, Fees, Fines and Penalties $6,542,086,693 1.0% State Health Service Fees and Rebates $7,087,931,884 -6.7% Net Lottery Proceeds $2,510,143,199 12.6% Land Income $2,251,225,581 9.2% Interest and Investment Income $2,504,408,847 35.4% Settlements of Claims $646,534,920 18.8% Escheated Estates $693,354,839 9.0% Sales of Goods and Services $278,865,166 -2.2% Other Revenue $4,141,654,757 26.2% Total Net Revenue $127,941,402,334 6.5% Non-Tax Revenue The state’s major non-tax revenue sources are federal income, fees and licenses, state health- related fees and rebates, state lottery proceeds, land income and proceeds from the state’s investments. Taxes That Texas Does Not Levy Texas does not collect a state property tax. Property taxes are levied by local governmental entities, school districts and special purpose districts (see p. 20). Texans pay only federal and not state or local income taxes. Federal dollars contributed almost one-third of total state net revenues in fiscal 2019 . 8 9 GLENN HEGAR • TEXAS COMPTROLLER OF PUBLIC ACCOUNTS MOTORVEHICLESALES&RENTALTAXES CompoundAnnualGrowthRate (Fiscal2009-2019):6.8% MOTOR VEHICLE SALES AND RENTAL TAXES ENACTED IN 1941 T hemotorvehicle salesanduse tax, the largest tax in this category, is imposed on the retail salesprice, less trade-in allowance,ofmotorvehicles sold inTexas. Themotorvehicle rental tax is leviedas apercentofgross receiptsderived from the rentalofvehicles,withavarying rate dependingon the lengthof the rental. InNovember2015,votersapproved a constitutionalamendment todeposit 35percentof thenet revenue from these taxesabove$5billion to theStateHighway Fund,beginning infiscal2020.The transfer isprojected tobe$5.69million infiscal2020,and$29.16million in fiscal2021. COLLECTIONS AllFunds,ExcludingTrusts (billions) $0 $1 $2 $4 $5 $6 $3 $5.13 ACTUAL ESTIMATED 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 TAX FUND FISCAL2019 GeneralRevenueFund 1 $4,447,838,656 MotorVehicleSalesandUseTax PropertyTaxReliefFund 2 $24,656,342 GRAccount -Emissions ReductionPlan 3 $19,012,678 MotorVehicleRentalTax GeneralRevenueFund $329,492,069 MotorVehicleSalesandUseTax– Seller-FinancedMotorVehicles GeneralRevenueFund $163,274,436 GRAccount -Emissions ReductionPlan 3 $30,860 ManufacturedHousingSales andUseTax GeneralRevenueFund $26,286,778 MotorVehicleSalesand UseTax -MotorCarriers 4 GeneralRevenueFund $200 TOTAL 5 $5,010,592,018 MAJOR EXEMPTIONS 7 Motor vehicles, trailersand semi-trailersused for interstate commerce; sales tooruseby publicagencies; farmmachines, trailers, semi-trailersusedprimarily for farming, ranchingor timberoperations. RANK EXEMPTION FISCAL2020EST.VALUE (MILLIONS) 1 Vehiclesused for interstate commerce $100.1 2 Sales toorusebyapublicagency $49.5 3 Farmor timberuse $43.3 FOOTNOTES 1 Sincefiscal2015,95percentof revenue isdeposited into theGeneralRevenueFund; the remaining5percent is retainedbycounties. 2 Revenuederived from the taxbasedonaused vehicle’spresumptive value isdeposited into thePropertyTaxReliefFund. 3 100percentofapplicable surcharge is required tobe transferred intoGRAccount– EmissionsReductionPlan. 4 RepealedbyS.B.3,74thLeg.,R.S.effectiveSept.1,1997. 5 Maynot sum to totaldue to rounding. 6 The6.25percent salesanduse tax isbasedon the vehicle salesprice lessany trade-in. Additional taxesor surchargesmayapply to the saleofcertaindiesel trucks.Rentals:10 percentofgross receiptson rentalsof30daysor less,6.25percenton rentalsof31 to180 days.Manufacturedhousing sales:5percentof65percentof the salespriceon the initial saleoruseofanewmanufacturedhome. 7 Estimated valuesofmajorexemptions infiscal2020and initialdistributionof totalmotor vehicle sales tax revenue infiscal2021,asprojected in the November2018TaxExemptions andTax Incidence report. TotalValueofAllExemptions (includesotherexemptions)= $205 MILLION HISTORICAL VOLATILITY Year-over-yearChange,AllFunds,ExcludingTrusts -5% 0% 5% 10% 15% 20% 2013 2012 2011 2010 2017 2019 2018 2016 2015 2014 FISCAL 1.1% 9.7% -1.8% 0.7% 2.3% 7.2% 8.5% 9.0% 19.5% 13.2% 8.4% Percentage of Total Tax Collection FISCAL 2019 AllFunds,ExcludingTrusts $5 BILLION H IGH LIGHTS: REVENUE FISCAL 2019 $ 5.01B STATE RATE 6.25% LOCAL RATE NONE FEDERAL RATE NONE 6 WHO PAYS? 7 BUSINESS 40.2% CONSUMER 59.8% REVENUE BY SOURCE BIENNIAL REVENUE ESTIMATE/ CERTIFICATION REVENUE ESTIMATE TAX EXEMPTIONS & TAX INCIDENCE SOURCES OF REVENUE ANNUAL CASH REPORT KEY TO SOURCES, PAGES 6-17  TAXES — CONTINUED FROM PAGE 32