NASHVILLE, Tenn. (AP) — Tennessee has marked the 13th straight month of growth in sales taxes collections, which account for two out of every three tax dollars collected by the state.
But Finance Commissioner Mark Emkes notes that corporate franchise and excise taxes have been disappointing over the last two months, missing projections by $31.5 million in April alone. He said the poor showing may reflect losses in the previous year that have been carried forward.
Sales taxes, by contrast, beat estimates by nearly $23 million in April and posted a growth rate of 3.5 percent compared with the same month last year.
The state's general fund missed projections by $7 million in the month, but has come in $126 million over estimates since the budget year began on July 1.