June Tennessee Tax Revenues

Total tax revenues for June were above budgeted expectations in Tennessee. Finance and Administration Commissioner Larry Martin announced that overall Tennessee tax revenues in June, led by strong growth in franchise and excise (F&E) taxes, were $1.4 billion, which is $112.1 million more than the state budgeted.
General fund revenues exceeded the budgeted estimate in the amount of $109.3 million. The four other funds that share in state tax revenues were also in excess of budgeted expectations by $2.8 million.
Sales tax revenues were $24.4 million more than the estimate for June. The June growth rate was positive 6.72%. For eleven months, revenues have exceeded the original budgeted estimate by $273.3 million. The year-to-date growth rate for eleven months was positive 3.64%.
Privilege tax revenues were $15.2 million below the June estimate.
Business tax revenues were $1.1 million more than the June estimate.
Inheritance and estate tax revenues were $0.9 million below the June estimate. For eleven months revenues are $0.5 million above the budgeted estimate.
Hall income tax revenues for June were $1.6 million less than the budgeted estimate.
Tobacco tax revenues were $0.9 million above the budgeted estimate of $22.4 million.
Motor vehicle registration revenues were $2.9 million above the June estimate.
Gasoline and motor fuel revenues for June were $0.4 million less than the budgeted estimates.
All other taxes for June were above budgeted estimates by a net of $0.5 million.
Year-to-date revenues for eleven months were $789.6 million more than the budgeted estimate.