Tennessee starts new fiscal year $130M above expectations in tax and fee collections

Sep 19, 2022 | Political News

The total taxes collected by Tennessee in the first month of the new fiscal year continued last year’s increasing trend.

Tennessee collected $1.5 billion in August, which was $130.5 million more than what was budgeted and $100.6 million more than what the state collected in August 2021, despite a moratorium on personal care and autocycle registrations.

Since the numbers are done on an accrual basis, they represent taxes for sales and activities in August.

“Sales and use taxes, representing July taxable sales activity, were the largest contributor to monthly growth and fell in-line with the July national retail sales growth reported at 10.3%,” said Finance and Administration Commissioner Jim Bryson.