Tax Collections Behind In Tennessee

Tennessee is now $555.2 million behind its initial budgeted tax collections through the first 11 months of the fiscal year.

But revised estimates will likely allow the state to remain above the revised estimated collections lowered and approved by the Tennessee Legislature April 18th.

The totals come as the state collected $2.3 billion in taxes and fees in June, $31.5 million below the original budgeted estimate but $34.8 million more than June 2023.

The largest collection comes from sales tax, which was 2.2% above June 2023 but $14.8 million behind the budgeted estimate.

Total revenues in June showed positive gains compared to last year. Corporate tax revenues (franchise and excise taxes) held steady compared to June 2023. All other taxes increased by 2.55% compared to this same period of last year.