Tenn. Revenues Show Growth
Tennessee sales tax collections grew 8 percent in March, the highest rate in five years.
Finance Commissioner Mark Emkes on Tuesday called the revenue numbers a strong “indication of consumer optimism.”
Sales taxes account for two out of every three tax dollars collected in Tennessee. The last time the growth rate exceeded 8 percent was in February 2006.
Meanwhile, corporate franchise and excise taxes came in $22 million below estimates in the month but are still $32 million above projections for the year.
March is the eighth month of the state’s budget year. General fund collections have exceeded expectations by $133 million since the budget year began on July 1.
