Tennessee Collects $1.1B In March Sales Tax, Beats Budget On Collections

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The Center Square [By Jon Styf] –

Tennessee collected nearly $1.7 billion in taxes and fees in March, which was $17.6 million higher than estimated and $55.1 million higher than March 2023.

That was in large part due to nearly $1.1 billion in sales and use tax, which was nearly $50 million above estimates and $65 million more than March 2023.


“March sales tax revenues, reflecting February consumer activity, recorded solid growth for the month,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Most of the month’s tax growth came from retail activity, fuel consumption, and motor vehicle registration which boosted total tax collections and represented a slight rebound from last month’s depressed tax receipts. We will continue to monitor economic activity and revenue trends to ensure fiscal stability.”

The state is still $420 million behind budgeted estimates for the first eight months of the year.

Tennessee came $60 million short of its budget in February after being $86 million short in January.

Tennessee’s State Funding Board adjusted the numbers based on collections falling consistently short of the budgeted totals this fiscal year. The estimates being used for next year’s budget are adjusted down $718.8 million from original estimates to flat year-over-year and estimate next year’s collections to be a 0.5% increase from this year.

About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.

2 thoughts on “Tennessee Collects $1.1B In March Sales Tax, Beats Budget On Collections

  • April 18, 2024 at 4:07 pm

    Why is this a surprise? People still have to eat and drive to work. The price of goods continues to rise in spite of the claims that inflation is slowing. The inflation rate is based on last years figures which gives a false reading. Comparing last years take with this is ludicrous as the prices of everything continues to rise so naturally the state is going to take in more money. I didn’t buy more, I paid more.

  • April 19, 2024 at 5:26 pm

    They should put that into a rainy day fund but I bet they will be in a rush to spend it as quickly as possible.


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