Nashville, TENNESSEE – According to the statement, state tax revenues were $364.3 million more than June 2021 and the overall growth rate was 19.63 percent. General fund revenues were more than the budgeted estimates in the amount of $518.8 million and the four other funds that share in state tax revenues were $29.1 million more than the estimates.
State officials also said that sales tax revenues were $264.4 million more than the estimate for June and 17.33 percent more than June 2021. For eleven months, revenues are $2.3 billion higher than estimated. The August through June growth rate is 16.03 percent. Franchise and excise tax revenues combined were $239.5 million greater than the budgeted estimate in June, and the growth rate compared to June 2021 was 24.98 percent. For eleven months, revenues are $1.7 billion more than the estimate and the year-to-date growth rate is 32.46 percent.
Gasoline and motor fuel revenues for June increased by 1.46 percent compared to June 2021, and they were $4.1 million more than the budgeted estimate of $107.2 million. For eleven months, revenues are greater than estimates by $50.7 million. Motor vehicle registration revenues were $2.9 million more than the June estimate, and on a year-to-date basis, revenues are $20.6 million more than the estimate.
Year-to-date revenues, for eleven months, are $4.3 billion more than the budgeted estimate. The general fund recorded $4.0 billion more than the budgeted estimate and the four other funds were $238.2 million more than estimated.
Tennessee Department of Finance and Administration Commissioner Jim Bryson released the following statement:
“After experiencing slower year-over-year growth in the month of May, growth has rebounded to the levels seen during most of fiscal year 2021-2022, driven primarily by sales and corporate tax receipts. Of the $547.9 million in revenue above estimates, 48 percent is attributed to growth in sales tax collections while 43 percent is due to the growth in franchise and excise taxes. The June figures also capture $20 million in professional privilege tax payments that had been shifted from May. With one month of revenue reporting remaining in the 2021-2022 fiscal year, the state is on track to outperform the revenue estimates set for the year. Nevertheless, we remain steadfast in our commitment to closely watch economic conditions, especially as inflation remains high, eroding much of the gain in overall revenues.”
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