Tennessee’s January Tax Revenue Exceeds Estimates
MTN Reporter Haley Perkins February 14, 2020
Tennessee Department of Finance and Administration Commissioner Stuart McWhorter announced today that the overall January 2020 state tax revenue exceeded the budgeted estimates.
According to a press release on the Tennessee Department of Finance and Administration's website, revenues for January 2020 totaled $155 billion. This $129.4 million more than the $142 billion budgeted estimate by the state and 11.86 percent greater than the revenues received in January 2019. According to McWhorter the economic growth in the first six months of the fiscal year allows the state to fund the current and upcoming fiscal years and represents 34 consecutive months of growth.
Sales, motor vehicle registration, privilege and business tax revenues were all more than the budgeted estimate for January. Gasoline and motor fuel and hall income tax revenues were all less than the budgeted estimates for January. All other tax revenues exceeded estimates. "The year-to-date total tax collections are currently outpacing estimates by 6.48 percent, which signals a promising finish for the 2020 fiscal year." McWhorter said "Nevertheless, we will continue to closely monitor our monthly receipts, being mindful that economic conditions may change."