Tennessee Tax Collections For Fiscal Year $2.3B More Than Budgeted

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The Center Square [By Jon Styf] –

Tennessee has collected $2.3 billion more than budgeted in taxes and fees through the first 11 months of the fiscal year.

In June, the state collected $2.3 billion total, which was $283.3 million more than estimated and $38.7 million more than the June 2022 collections.

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“June tax revenues grew at a modest pace but continue to demonstrate a deceleration of economic activity,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Growth from sale tax receipts, reflecting consumer activity from the month of May, led all tax categories for the month and was higher than the 1.6% reported national retail sales increase. Corporate tax revenues, or franchise and excise taxes, rose slightly from last June while all other tax categories taken together were lower by 2.22%.”

Tennessee has collected $2.3 billion more than budgeted in taxes and fees through the first 11 months of the fiscal year.

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In June, the state collected $2.3 billion total, which was $283.3 million more than estimated and $38.7 million more than the June 2022 collections.

“June tax revenues grew at a modest pace but continue to demonstrate a deceleration of economic activity,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Growth from sale tax receipts, reflecting consumer activity from the month of May, led all tax categories for the month and was higher than the 1.6% reported national retail sales increase. Corporate tax revenues, or franchise and excise taxes, rose slightly from last June while all other tax categories taken together were lower by 2.22%.”

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.

3 thoughts on “Tennessee Tax Collections For Fiscal Year $2.3B More Than Budgeted

  • July 18, 2023 at 5:41 pm
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    If more taxes are collected than are needed, give it back to consumers thru sales tax free groceries.

    Reply
  • July 18, 2023 at 7:40 pm
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    Tennessee Taxpayer Relief is an idea whose time has come. WE lost Mike, but enactment of TTR would be a fitting Memorial.

    Reply

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