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Tennessee falls $88.4M short of tax collection estimates in November

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(The Center Square) – Tennessee is now $197 million short of the budgeted estimate for tax and fee collections through the first four months of the fiscal year.

The state collected $1.43 billion in November, which was $88.4 million short of what was budgeted and $65.3 million short of the 2022 numbers.

“November revenues were less than estimates for the month partially due to the three-month sales tax holiday on food, which ended on Oct. 31 but is reported in November’s tax collections,” Department of Finance and Administration Commissioner Jim Bryson said. “Corporate tax revenues, or franchise and excise taxes, were also lower with quarterly estimated tax payments from business entities decreasing from this same time last year.”

The grocery sales tax holiday was estimated to have a $58.4 million impact on the November numbers, Fiscal Review said on the grocery tax holiday bill.

Franchise and excise taxes for November were $43.2 million, which was $55.2 million less than the November budgeted estimate. This fiscal year, those collections are $165.8 million less than estimated.

Sales and use tax collections, meanwhile, were $13.6 million less than the estimate for November. The fiscal year numbers remain $15 million higher than estimated.

“We continue to carefully monitor revenues for the year and remain committed to keeping expenditures in line with revenue collections,” Bryson said.

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