Tennessee, Nearly $280M Behind Tax Collection Estimates, Will Adjust Predictions
Tennessee Has Now Collected $279.9 Million Less Than Budgeted Through The First Five Months Of The Fiscal Year.
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Tax Revenue
Tennessee Collected $9.1M On $495M In Bets For December ’23
Tennessee Saw $495 Million Worth Of Gross Sports Wagers In December While Collecting $9.1 Million In Privilege Tax.
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Tennessee Financial Officials Urge Calm Over State’s Flattening Revenue
Following A Massive Rise In Tax Revenues Over The Past Four Years, Tennessee’s Budget Outlook Is Not As Rosy Going Forward, But On Tuesday The State’s Chief Financial Planner Told Lawmakers To Remain Calm.
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Tennessee Bettors Place More Than $500M In Gross Sports Bets In November
Tennessee Collected $9.5 Million In Taxes On Sports Wagering In November, Up From $9.4 Million Last November As The State’s Sportsbooks Accepted $517 Million In Gross Wagers.
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Tennessee Tax Collections Miss Budget By $62.1M For October
Tennessee Tax Collections Released On Friday Afternoon Were $62.1 Million Lower Than The Budgeted Estimate And $50.9 Million Lower Than Last October.
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Tennessee Tax Collection Estimates Slow To 1% Or Less Increase Next Fiscal Year
After Considerable Growth In Overall Tax Collections In Recent Years, Tennessee’s State Funding Board Approved A Minimal Year-Over-Year Increase Of 1.13% Or Less In Tax Collection Estimates For Next Fiscal Year Wednesday.
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Tennessee Collected $8.2M In Sports Wagering Taxes In October, Up From ’22
Tennessee Collected $8.2 Million In Taxes On $445.2 Million Of Gross Wagers In October, An Increase In Both Categories From A Year Before.
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Sports Wagering Taxes Expected To Rise After One-Year Drop
Tennessee’s Sports Wagering Council Is Expecting This Fiscal Year To Show A One-Year Dip In Sports Wagering Taxes Collected Before Seeing That Total Rise Again Next Fiscal Year.
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Tennessee Kicks Off Budget Season With Experts Predicting Stagnant Revenues
The Days Of Skyrocketing Tax Revenues Are Likely Over, Multiple Budget Experts Told Tennessee’s Panel In Charge Of Predicting Revenue Growth. With No Revenue Growth, A No Sales Tax Holiday On Groceries Might Be A No-Go For Next Year.
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Tennessee’s Budget Sees Impact Of Tax Cuts And No New Untapped Revenue Sources
Two Things Have Driven Tennessee’s Massive Rise In State Revenues Over The Past Five Years: The Ability To Collect Taxes On Internet Sales And An Enormous Growth In Franchise And Excise Tax Collections. But As The Online Sales Tax Money Becomes A Normal Part Of The State Budget And Lawmakers’ 2023 Franchise And Excise Tax Cuts Go Into Effect, The Days Of Significant Revenue Growth Are Likely In The Rearview Mirror.
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