Small Growth in TN Tax Collections

Tennessee’s tax collections have shown marginal growth in the second month of the budget year.

Finance Commissioner Mark Emkes said in a release Tuesday that September revenues “continue to reflect the sluggish national economy.”
The state’s overall revenues were $1.1 billion, or 5.4% above the budgeted estimate. The September collections reflect economic activity in the previous month.

Sales tax collections were $2.2 million less than the estimate for September, where combined franchise and excise taxes were $54.9 million above the budgeted estimate of $254.2 million.

Gasoline and motor fuel collections were $3 million below the budgeted estimate of $71.5 million.
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