Revenue Collections Up In Tennessee

Tennessee revenue collections continued an upward growth trend in May with a net positive growth of 3.40% over collections made in the same month last year. The Finance and Administration Commissioner reports that overall May revenues were $871.1 million, which is $15.6 million more than the state budgeted. The commission explained that May marks the tenth consecutive month this year in which total collections have exceeded the budgeted estimates. The commissioner said that the state has seen growth in sales tax collections for the past 26 consecutive months, the growth has slowed – and corporate tax collections for May were below the budgeted estimate.