TN Tax Collections Climb
Tennessee Finance Commissioner Mark Emkes says the state has marked the 14th straight month of growth in sales tax collections, which account for two out of every three tax dollars collected by the state.
Overall May revenues were $63.5 million more than the state budgeted. Sales tax collections were over by $26 million and the general fund by $61.7 million.
Despite the state’s continued growth, Emkes says the national leading economic indicators are causing concern, prompting state officials to monitor expenditures for the remainder of this year so the state ends the fiscal year with a balanced budget.
