Tennessee tax revenues for the fiscal year increased slightly from 2023
Published on Thursday, August 22, 2024, 8:30 a.m.
By Jon Styf
The Center Square
Tennessee’s tax and fee revenues for the fiscal year ending in July were $593 million below the state’s original revenue estimate, but the state exceeded the revised forecast used in the budget process by nearly $207 million.
Tennessee collected $22.2 billion in the fiscal year, $22.1 million more than the previous year.
The revised revenue estimates were first heard and reviewed by the Tennessee State Board of Finance in November before being signed into law along with the state budget signed by Governor Bill Lee on May 15, which reduced fiscal year estimates by nearly $800 million.
Tax revenues in July totaled $1.7 billion, up $51.2 million from the previous year.
“Total tax revenues in July increased more than expected in the final month of the fiscal year,” said Jim Bryson, commissioner of the Tennessee Department of Finance and Administration. “Sales tax revenues, vehicle registration fees, motor fuel tax, gross receipts taxes, and franchise and excise tax revenues all contributed to the monthly revenue increases.”
Sales tax revenues increased nearly 1% from July of last year, but were 48.4% below estimates. For the fiscal year, revenues were $187.3 million below estimates.
The annual total may still be subject to adjustment as the government reviews the figures as part of its accrual accounting.
