(The Center Square) – Tennessee’s June tax revenues were $173.1 million above budgeted estimates and 68.2% higher than last June, according to the Department of Finance and Administration.
The figures show the tax growth for the month is 2.98%.
The general fund revenues were up by $176.1 million according to the department.
“June tax revenues demonstrated promising growth relative to our monthly budget estimates,” said Finance and Administration Commissioner Jim Bryson. “Sales tax collections were slightly above forecast, based on May’s spending. Also, corporate tax revenues, including franchise and excise taxes, were significantly higher than anticipated. We also saw substantial increases in professional privilege taxes, which further contributed to this month’s positive results.”
Fuel tax estimates were the lone category to fall in June among the state’s four funds that receive tax collections, with a decline of $1.4 million and a $4.4 million drop year-to-date. However, actual collections when compared to June of last year jumped by $1.7 million, according to the department. Sales, corporate and other taxes also increased when compared to June of last year, the department said.
“On a year-to-date basis, August through June, total tax revenues are 0.40% more than the budget estimate, or $81 million more than expectations the department said in its report. “When compared to this same period last year, total tax revenues have decreased by $209.3 million or 1.02 percent.”
June is the 11th accrual month in fiscal year 2025.
“With just one month left in the 2024–2025 fiscal year, we remain optimistic and will continue to monitor the year-end results,” Bryson said.
