Tennessee Tax Revenue Exceeds Budgeted Estimates

Department of Finance and Administration Commissioner Jim Bryson last week announced that Tennessee tax revenue exceeded budgeted estimates once again for the month of March. Overall March revenues totaled $1.6 billion, that is $65.8 million, or just over 4 percent more than the state received in March of 2022 and $174.5 million more than the budgeted estimate for the month. Bryson says March sales tax receipts and corporate tax revenues outperformed budgeted expectations and led all tax growth for the month. In fact Bryson says that retail sales tax receipts grew in March in all categories except building materials, which was nearly 4% lower and the furniture and home furnishings category, which was almost 10 percent lower than the same time last year. Year-to-date revenues for this fiscal year which so far runs from August through March, are 1.5 billion more than the budgeted estimate. The growth rate for the eight months is 7.33 percent. Following a recent trend, tobacco tax and privilege tax revenues were both down compared to March of last year.