Tennessee sales tax revenue increases over 7 percent in June

NASHVILLE, Tenn. (AP) – Tennessee Finance Commissioner Larry Martin says the state’s overall revenue collections in June were $56.5 million more than expected.

The tax collections reflect economic activity in May.

The state’s general fund tax collections in June were $52.3 million higher than projected.

Sales tax grew 7.6 percent in June, $35 million more than expected.

Franchise and excise taxes combined were $27.7 million more than the budgeted estimate.

However, while growth rates are strong, Martin says state officials remain cautious.

He says the state experienced similar growth in fiscal year 2012-2013, but there was a significant drop in collections the following year when corporate taxpayers reported their actual liability.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s