Department of Finance and Administration Commissioner Butch Eley today announced that Tennessee tax revenues exceeded budgeted estimates in March.
Overall March revenues totaled $1.26 billion, which is $57.1 million or 4.75 percent more than the state received in March of 2020 and $112.1 million more than the budgeted estimate for the month.
“Most of the growth in March can be attributed to sales and use taxes, corporate taxes and business taxes, which have been strong contributors to revenue growth for most of the year, “ Eley said. “March sales tax revenues, based on February sales tax activity, were positive across all industries except the restaurant and food services industry and apparel and accessories retailors. Additionally, sales tax receipts for the month were supported by approximately $39.7 million from remote sales and marketplace facilitator laws. To date, online sales tax revenues have accounted for about 65.4 percent of all sales tax growth to the state.
“We continue to be pleased with the overall growth in total taxes this fiscal year and we are encouraged at the prospect of future growth as Tennesseans become more comfortable resuming some activities. We are optimistic but cautious in anticipation of revenues in the months ahead.”
In Rutherford County, the fastest growing county in Tennessee, it would be very expected to see similar income projections. For the first time in history, Rutherford County's assessed value for property tax purposes exceeds $10 billion dollars!
To read the full state revenue report click here.