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Tax collections for fiscal year $2.3B more than budgeted

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(The Center Square) – Tennessee has collected $2.3 billion more than budgeted in taxes and fees through the first 11 months of the fiscal year.

In June, the state collected $2.3 billion total, which was $283.3 million more than estimated and $38.7 million more than the June 2022 collections.

“June tax revenues grew at a modest pace but continue to demonstrate a deceleration of economic activity,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Growth from sale tax receipts, reflecting consumer activity from the month of May, led all tax categories for the month and was higher than the 1.6% reported national retail sales increase. Corporate tax revenues, or franchise and excise taxes, rose slightly from last June while all other tax categories taken together were lower by 2.22%.”

The largest amount of those collections come from sales tax, where it collected $1.2 billion in June compared to the $1.1 billion estimate. For the fiscal year, Tennessee has collected $12.6 billion in sales tax compared to an $11.3 billion estimate and $11.8 billion collected through 11 months of last fiscal year.

The taxes are up against the revised budget estimates, which increased the allowable money for budget appropriations by $2.7 billion for the fiscal year, meaning Tennessee still needs to beat its July collections by $400 million to hit that mark.

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