TN Collects $2.1B In Taxes & Fees In September, Up More Than $100M From 2021
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The Center Square [By Jon Styf] –
Tennessee’s tax and fee collections continued to rise in September with the state collecting $2.1 billion.
That was $243.3 million more than September 2021 and $277.2 million more than the state’s budgeted estimate for September.
The state has collected $407.7 million more than its budgeted estimate through the first two months of the fiscal year.
The largest factor is the $1.1 billion in sales tax collected, which was up from $995 million in September 2021 and above the $997.6 million that was budgeted for the month. September was the second month of the fiscal year and the state has already collected $2.25 billion in sales tax, more than the $2.03 billion budgeted estimate or the $2.04 billion collected over the same span in 2021.
“September sales tax receipts and corporate tax revenues outperformed expectations and led all tax growth for the month,” said Finance and Administration Commissioner Jim Bryson. “However, all other revenues combined experienced negative growth of 2.34 percent compared to September 2021.”
Tennessee also collected $776 million in franchise and excise taxes in September, which is $142 million more than in 2021 and $164 million more than was estimated.
“While we are encouraged to see early monthly revenue receipts outpacing our estimates, we must continue to closely monitor our state’s finances amid an uncertain economic environment,” Bryson said.
Privilege taxes were $0.9 million more than the budgeted estimate of $45.9 million for September. Professional privilege taxes are $400 payments due on June 1 each year for certain professions. The monthly amounts collected outside of that are for late payments.
Physicians and osteopathic physicians were removed from the tax this year, expected to have a nearly $10 million impact, but lobbyists, attorneys and agents, broker-dealers, and investment advisors remain subject to the tax as lawmakers move toward its complete removal.
Last fiscal year, Tennessee collected $4.6 billion more than its original budgeted estimate for tax and fee collections.
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.
Sounds to me like Governor Lee and the Tennessee Legislature need some help! Either announce a tax rebate or at least aggressively lower some tax revenue sources or spend some tax payer money on road and other infrastructure improvements. Yes, we are blessed to have a fiscally responsible state leadership, BUT, despite their efforts to be frugal, how many Tennessee tax payers are struggling to meet the demands of raising a family given Bidenflation policies, and state sales taxes on food and fuel? In my strong opinion, this is certainly NOT the time to ‘grow’ state government coffers or employees!
Roads and bridges!!
Wasted…. on What??? And who got rich or has stock in whatever it was spent on?
No need to raise taxes here. With the influx of folks moving here it increased our tax base very well. Now using our money for a VERY STUPID STADIUM FOR SOME (FOR PROFIT BUSINESS WHICH WE ARE GOING TO GET NOTHING FROM IS NOT GOOD GOVERNMENT SPENDING)