TN Revenue Numbers Released For September

Revenue numbers for the state have been released for the month of September. Tennessee revenues for September totaled more than the state collected In September of 2022, but less than the budgeted estimates. Finance and Administration Commissioner Jim Bryson says that September tax revenues were $2.2 billion, which is $29.4 million more than September of last year, but $7.4 million less than was estimated. Bryson says “September sales tax receipts remained strong, with notable growth from online retail sales, motor vehicle sales, apparel and clothing sales, and restaurant activity,” Bryson said. “Food store sales tax revenues for September were level with collections from the same period last year, when there was also a food tax holiday. Sales tax revenue growth was near 3%.

Franchise and excise taxes combined were $36.2 million less than the September budgeted estimate and the growth rate in that category was negative 2.47 percent. The year-to-date corporate tax growth rate is negative 6.78 percent. Revenues for motor vehicle registration, tobacco tax, and privilege taxes were all down as well.

On the other hand, gas tax revenues were up by over 9% for the month. Bryson says the overall growth rate for the state was 1.37%.