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%.

“Sales tax revenues reflecting August consumer activity recorded positive gains compared to the same time period one year ago while corporate tax revenues posted negative growth,” Martin said. ”All other revenues together recorded healthy growth compared to last year and were driven primarily by increased road user taxes resulting from passage of the IMPROVE Act in April of this year during the previous legislative session.

“Overall September revenue numbers reflect what we consider to be normal growth range for today’s economy. We do, however, continue have concerns about global economic uncertainty and any possible negative effects resulting from recent national catastrophic weather related events. We will continue to closely monitor state spending and our revenue trends.”

On an accrual basis, September is the second month in the 2017-2018 fiscal year.

For September, general fund revenues exceeded the budgeted estimates in the amount of $49.3 million and the four other funds that share in state tax revenues by $9.5 million.

Sales tax revenues were $10.9 million more than the estimate for September. The September growth rate was positive 4.79%. Year-to-date revenues are 3.97% more than this time last year.

Franchise and excise taxes combined were $39.7 million more than the September budgeted estimate of $362.9 million.  The September growth rate was negative 0.55%, and on a year-to-date basis negative 2.99%.

Gasoline and motor fuel revenues for September increased by 25.32% and were $7.0 million more than the budgeted estimate of $93.5 million.

Motor Vehicle Registration revenues were $2.2 million more than the September estimate, and on a year-to-date basis exceed estimates by $2.7 million.

Tobacco tax revenues for the month were $0.4 million less than the budgeted estimate of $21.6 million. The growth rate for September was negative 3.45%.

Privilege tax revenues were $1.0 million more than the budgeted estimate of $25.5 million.

Business Tax receipts were $0.1 million more than the budgeted estimate for September.

Inheritance and estate tax revenues were $0.1 million less than the budgeted estimate.

Hall income tax revenues for September were $0.7 million less than the budgeted estimate. For two months revenues are $0.6 million less than the budgeted estimate.

All other taxes were below estimates by a net of $0.9 million.

Year-to date revenues for two months were $44.0 million more than the budgeted estimates. The general fund exceeded estimates by $30.1 million and the four other funds that share in state tax revenues $13.9 million.

The budgeted revenue estimates for 2017-2018 are based on the State Funding Board’s consensus recommendation of November 29, 2016 and adopted by the first session of the 110th General Assembly in May 2017. Also incorporated in the estimates are any changes in revenue enacted during the 2017 session of the General Assembly. These estimates are available on the state’s website athttp://www.tn.gov/finance/article/fa-budget-rev.

One Response to TN September tax collections $58.8M over estimates

Leave a Reply

Your email address will not be published. Required fields are marked *