revenue

TN politicians praise Supreme Court decision on states collecting taxes from on Internet sales

Overturning older decisions, the U.S. Supreme Court ruled today that states may require most online retailers to collect sales taxes on purchases made by their residents. The 5-4 decision came in a South Dakota case that had seen  Tennessee’s attorney general joining in support of South Dakota’s effort to begin requirement collection of the taxes.

Tennessee’s state Department of Revenue issued a new rule in 2016 requiring internet sellers to collect state and local sales taxes from their Tennessee customers. State legislators let the new rule stand, but implementation has been stalled awaiting court action.

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State revenue $13M above budget estimate in May

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Department of Finance and Administration Commissioner Larry Martin today announced that overall May revenues were $1.1 billion, which is $13.1 million more than the state budgeted.

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State revenue $128M above budget estimates in April

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Larry Martin today announced that revenues for April exceeded the monthly revenues from the previous year.  State revenues for April were $1.9 billion, which is a growth of 3.76 percent more than last year and $128.3 million more than the state budgeted.

“Total revenues in April reflect significant improvement compared to  this time last year,” Martin said.  “Much of the growth is driven by franchise and excise tax payments, business tax receipts, privilege taxes and sales tax revenues.  Hall income tax revenues posted a significant reduction from receipts received in April 2017, but were expected to be lower due to several large early payments made in December and January of this fiscal year.  All other tax revenues, taken as a group, exceeded the April estimates.

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TN tax take in March: Complicated but basically about what was expected

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Department of Finance and Administration Commissioner Larry Martin (Friday) announced that Tennessee tax revenue fell short of budgeted estimates in March. Overall March revenues totaled $1.1 billion, which is $84.1 million more than the state collected in March of 2017, but $2 million less than the budgeted estimate for the month.

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State revenue: A bit below budget in February; year-to-date take shows $181M surplus

Press release from Department of Finance and Administration

NASHVILLE, Tenn. –  Tennessee Department of Finance and Administration Commissioner Larry Martin announced today that Tennessee tax revenue fell short of budgeted estimates in February. Overall February revenues were $884.9 million, which is $38.2 million more than we received in February one year ago, but were $3.4 million less than the state budgeted. The overall growth rate for February was 4.51 percent.

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State revenue down in January, still ahead of budget for fiscal year

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Larry Martin today announced that overall January state tax revenues posted less than expected, while year-to-date state revenues remain more than budgeted. Revenues for January totaled $1.4 billion, and were 3.18 percent less than revenues received in the same time period one year ago, and were $25 million less than budgeted.

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December state revenue $171.6M over budget estimate

Press release from Department of Finance and Administration

NASHVILLE, Tenn. –  Tennessee Department of Finance and Administration Commissioner Larry Martin announced today that revenues for December posted higher than expected and exceeded the monthly revenues from the previous year.  State revenues for December were $1.4 billion, which is a growth of 11.34 percent and $139.9 million more than December 2016.

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State revenue was a bit below estimates in November ($4.1M)

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee Department of Finance and Administration Commissioner Larry Martin announced Thursday that overall November state revenues were $957.3 million, which is 5.55 percent more than November 2016, but $4.1 million less than the budgeted estimate.

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Legislator proposes to stop $30M in fees paid by local governments to state Dept. of Revenue

State Rep. Jason Zachary, working with Knox County Commissioner  John Schoonmaker, is making plans to eliminate a fee charged local governments by the state Department of Revenue for collecting local sales taxes and distributing the money to counties and cities, reports the News Sentinel.

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State’s October tax revenue $1.3M under budget estimate

Press release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee revenues for October exceeded revenues from the same month a year ago, but were marginally less than the budgeted estimate. Finance and Administration Commissioner Larry Martin reported today that October revenues were $1.0 billion, which is $31.1 million more than October of last year and $1.3 million less than the budgeted estimate. The growth rate for October was 3.16%.

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