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VOL. 40 | NO. 46 | Friday, November 11, 2016

Tennessee posts $184M surplus in 1st quarter tax collections

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NASHVILLE (AP) — Tax collections for Tennessee's general fund have beaten expectations by $184 million through the first quarter of the budget year.

Through the first three months of fiscal year, corporate franchise and excise taxes have exceeded projections by $93 million and sales tax collections were $86 million more than the budgeted amount.

Sales taxes collections in October grew by 4.5 percent compared with the same year-ago period. But corporate tax collections dropped 14. 5 percent, which Finance Commissioner Larry Martin attributed to businesses requesting refunds for previous overpayments.

Tennessee ended the last budget year on June 30 with a general fund surplus of $852 million.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0