Tennessee tax collections for April fell $74.2M below expectations
In April, Tennessee fell short by $74.2 million in tax collections compared to the budgeted estimate, resulting in a total shortfall of $494.2 million for the fiscal year ending in July. Despite April’s collections exceeding $3 billion, they were slightly lower than in April 2023. Various taxes, including sales and excise taxes, saw declines, while fuel and business taxes showed growth, affecting overall revenue.
(The Center Square) – Tennessee collected $74.2 million less than the budgeted estimate in taxes and fees in April.
That makes the state $494.2 million short of the budgeted estimates for the fiscal year, which runs through July on an accrual basis.
The April collections topped $3 billion but were down less than half of a percent from April 2023.
“Total revenues for April were similar to the receipts from the same time last year but lower than the estimated amount for the month,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said.
April sales tax collections were down 0.62% from April 2023 and were nearly $40 million below the budgeted estimates.
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Franchise and excise taxes were $43.8 million less than estimates and collections were down 2.82% from April 2023.
“Sales and use taxes, which represent taxable sales activity in March, indicated slight growth, whereas corporate taxes remained lower,” Bryson said. “Strong growth was observed in fuel and business taxes, elevating monthly collections. All other taxes combined grew by only 1.39%.”
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