Tennessee Revenues Continue Upward Trend

Revenue numbers for the state of Tennessee for the month of August are out and they continue to show good news for the state. August was the first month of the new fiscal year and the state is off to a good start for fiscal year 2021-22. Tennessee Finance and Administration Commissioner Butch Eley reported Tuesday that August revenues were $1.4 billion, which is $255.8 million more than August 2020, and $267.9 million more than the budgeted estimates. The growth rate for all taxes in August was 22.11 percent. Sales Tax Revenues blasted through expectations coming in over $205 million more than estimated. With more Tennesseans on the move in 2021 than 2020, gas tax revenues were also way up…more than 5% increase from 2020. In fact tax revenue was up across the board from 2020 and outdid estimates for the month.