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Below is a snapshot of key features of Texas' tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $129.2 billion
- General Revenue as a Share of Income: 13.9%
- Tax Revenue: $86.5 billion
- Tax Revenue as Share of income: 9.3%
- Personal Income Tax (Share of Tax Revenue): 0.0% (50 out of 51)
- Corporate Income Tax (Share of Tax Revenue): - % ( 51 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 44.3 % ( 13 out of 51)
- Property Tax (Share of Tax Revenue): 45.2 % ( 5 out of 51)
- Other Taxes (Share of Tax Revenue): 8.4 % (10 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: N/A
- Standard Deduction: N/A
- Personal Exemption: N/A
- Dependent Exemption: N/A
- Earned Income Tax Credit (EITC): None
- No broad based personal income tax
Corporate Income Tax Features (2012)
- Range of Tax Rates: N/A
- Income Level at Which Top Rate Applies: N/A
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
- Apportionment Note: Texas imposes a Franchise Tax rather than a corporate income tax
Sales Tax Features (2012)
- State Sales Tax Rate: 6.25%
- Average Local Sales Tax Rate: 1.70%
- Average Combined State & Local Sales Tax Rate: 7.95%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Exempt
- Number of Services Taxed: 83 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Vendor Compensation available without ceiling
- Sales tax holiday offered in 2012
Property Tax Features (2012)
- School, county, and municipal property tax rates are capped.
- Provides school homestead exemption and local-option exemptions.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.20
- Diesel Tax Rate (per gallon): $0.20
- Cigarette Tax Rate (per pack): $1.41
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $141
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Multiple taxes
Last Updated October 4, 2012
Sources & Glossary
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