revenue

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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TN September tax collections $58.8M over estimates

News release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee’s revenues exceeded budgeted estimates for the second month of the state’s fiscal year.  Finance and Administration Commissioner Larry Martin today reported that overall September revenues were $1.4 billion, which is $48.3 million more than September of last year and $58.8 million more than the budgeted estimate. The growth rate for September was 3.68%.

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State Department of Revenue gets oversight of phone bill fees

A state law that took effect in July may end legal disputes between Tennessee’s local emergency communications districts and telecommunications companies over 911 fees by giving new authority to the state Department of Revenue, reports the Times Free Press.

Sponsored by Sen. Todd Gardenhire, R-Chattanooga, and Rep. Judd Matheny, R-Tullahoma, the bill was passed in 2016. It puts the department in charge of ensuring telecommunications firms such as AT&T collect and turn over state-mandated surcharges on landline and cellphone bills. The fees go to county 911 centers to provide operations and support for fire, police, medical and other emergency communications.

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June TN tax collections: $112M over budget estimates

News release from Department of Finance and Administration

NASHVILLE,  Tenn. – Total tax revenues for June were above budgeted expectations. Finance and Administration Commissioner Larry Martin announced today that overall Tennessee tax revenues in June, led by strong growth in franchise and excise (F&E) taxes, were $1.4 billion, which is $112.1 million more than the state budgeted.

“While we are encouraged by the positive revenue numbers, we need to be mindful of two important points,” Martin said. “First, the Funding Board in November 2016 revised upward for the fiscal year 2017 budget the anticipated positive variance for overall Tennessee taxes. As a result, $663.3 million of the fiscal year 2017 unaudited year to date positive variance of $731.3 million general fund revenue is already included in the fiscal year 2018 budget. Secondly, F&E tax payments by businesses are estimates of their tax liability and are subject to change.”

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May state revenue $53M above exepections

News release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee tax revenues exceeded budgeted estimates in May. Department of Finance and Administration Commissioner Larry Martin today announced that overall May revenues were $1.1 billion, which is $53.1 million more than the state budgeted.

“Total reported revenues in May reflect significant improvement compared to this time last year and were driven primarily by sales tax receipts,” Martin said. “Franchise and Excise taxes fell short of last year’s revenues and were below the monthly budgeted estimate.  All other tax revenues, taken as a group, were more than the May estimates.

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State revenue back on surplus track in April: $149K over budget estimate

News release from the Department of Finance and Administration

NASHVILLE, Tenn.  – Tennessee tax revenue exceeded budgeted estimates in April. Department of Finance and Administration Commissioner Larry Martin today announced that overall April revenues were $1.9 billion, which is $148.9 million more than the state budgeted.

“Total reported revenues in April reflect significant improvement over this time last year and were driven primarily by franchise and excise payments, sales tax receipts and business tax revenues,” Martin said.   “The Hall income tax posted a significant reduction from receipts received in April 2016 and was much less than budgeted expectations. All other tax revenues, taken as a group, were more than the April estimates.

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TN tax revenue $70M below budget estimate in March

News release from the Department of Finance and Administration

Department of Finance and Administration Commissioner Larry Martin today announced that Tennessee tax revenue fell short of budgeted estimates in March. March sales tax revenues reflect retail activity occurring in February, and overall March revenues were $993.6 million, which is $100.9 million less than we collected in March of 2016 and $70.1 million less than the budgeted estimate for the month.

“March sales tax revenues recorded negative growth and were also below our budgeted expectations,” Martin said. “This is due in part to having one less day of retail activity this February compared to February 2016 and also growing over an extraordinarily high base from last year. In addition, the Department of Revenue implemented a new tax administration system this month and extended the sales tax filing deadline. The April report should capture any March outstanding liability taxpayers owe.

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February state revenue $21.1M above budget projections

News release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee tax revenues exceeded budgeted estimates in February. Department of Finance and Administration Commissioner Larry Martin today announced that overall February revenues were $846.7 million, which is $28.4 million more than the state received in February 2016 and $21.1 million more than the state budgeted. The overall growth rate for February was 3.48%.

““The state experienced better sales tax revenues than expected for February,” Martin said. “Receipts were in excess of the budgeted estimate. Franchise and Excise taxes recorded negative growth for the month and were also less than budgeted estimates. Nonetheless, the strong sales tax growth pushed total revenues for the month higher than budget expectations.”

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Big bounce: State revenue $169M over budget estimates in January

News release from Department of Finance and Administration

NASHVILLE, Tenn. – Tennessee tax revenues were above budgeted estimates for January. Finance and Administration Commissioner Larry Martin today announced that overall January revenues, driven by a very large one-time franchise and excise tax payment, were $1.4 billion. Total revenues were $169.1 million more than the state budgeted and 10.54% more than revenues received in January of last year.

“Adjusting the January recorded revenues for the substantial one-time payment reduces the underlying growth rate for total tax revenues from 10.54% to 1.90%,” Martin said. “Sales tax revenues recorded growth slightly in excess of the budgeted estimates as sales tax growth returned to a now-normal level.”

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