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The Center Square [By Jon Styf] –
Tennessee has now collected $1.5 billion than it budgeted in taxes and fees through the first nine months of the fiscal year.
The March total of $1.6 billion in collections were $174.5 million more than budgeted and $65.8 million above the 2022 numbers.
“We continue to be pleased with the overall tax growth for this fiscal year and we are anxiously awaiting to see April tax receipts,” Department of Finance and Administration Commissioner Jim Bryson said. “Historically, about 13 percent of our yearly revenue collections occur in the month of April, as nearly one-fourth of our yearly corporate franchise and excise tax receipts are remitted in the month. Therefore, we will continue to closely monitor our monthly tax revenues and remain cautiously optimistic.”
Sales tax collections were more than $1.03 billion for March, above the budgeted $919 million. Through the fiscal year, sales tax collections are $981 million above the estimates.
“A careful examination of monthly retail sales tax collections reveals growth in all categories except building materials, which was lower by 3.76 percent, and the furniture and home furnishings category, which was 9.76 percent lower than the same time last year,” Bryson said. “Strong growth from state business taxes and mixed drink taxes also aided in the month’s outperformance.”
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.
One Response
I question who prepares the state budget. How does TN continually exceed projected taxes received? If this is the case, perhaps the retail tax rate should be adjusted down and kept that way. Now Gov Lee should give the TN taxpayers some of that 981 million back. Just exempting vehicle registration for 1 year was nice but only scratches the surface of what is really needed.