August 7, 2026 By Business DailyIn 2024, Texas generated $87.3 billion in total tax revenue, including $8.6 billion from severance taxes. This figure marks a decrease from the $9.5 billion reported in severance taxes the previous year, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC). The State Government Tax Collections (STC) survey tracks five major tax categories and up to 25 subcategories, gathering data from all 50 state governments and their dependent agencies. In 2024, state tax collections alone amounted to nearly $1.5 trillion nationwide, representing a significant part of overall government operations. Texas Tax Collections 2024 vs. 2023