Tennessee tax collections miss budget by $62.1M for October

Dec 6, 2023 | Political News

Tennessee tax collections released on Friday afternoon were $62.1 million lower than the budgeted estimate and $50.9 million lower than last October.

For the first three months of the fiscal year, done on an accrual basis, Tennessee has collected $108.9 million less than its budgeted estimates.

“October revenues fell short of expectations primarily because of losses in sales tax receipts, reduced corporate tax filings, and depressed realty transfer and realty mortgage tax collections,” Tennessee Department of Finance and Administration Commissioner Jim Bryson said. “Lower collections from each of these taxes represent concerns we have expressed for some time. The sales tax holiday on groceries decreased state collections.”