Tennessee revenue collections drop in May
NASHVILLE, Tenn. (AP) - Tennessee Finance Commissioner Larry Martin says the state's revenue collections recorded negative growth in May.
Martin said in a news release on Wednesday that overall revenues were $40 million less than expected. He attributed the poor numbers mainly to a legal change in the timing of business tax payments, and the payment of a large sales tax settlement.
May sales tax collections reflect business activity that occurred during April.
The state's general fund fell short by $42 million last month.
Corporate franchise and excise taxes were $2.2 million below the budgeted estimate for May, and sales taxes were $10.5 million less than expected.