TN Sales Taxes Post Largest Gain Since Jan. 2006
NASHVILLE – "Economic recovery continues a slow pattern upward in Tennessee. Finance and Administration Commissioner Mark Emkes reported today that overall September revenues were $1.013 billion, which is 3.66% above September 2010 collections. It’s the fourteenth consecutive month in which total collections exceeded the budgeted estimates.
Sales tax collections were $12.8 million more than the estimate for September. The September monthly growth rate was 8.33%.
“We are very pleased with the positive growth rates in September tax collections, particularly in the sales tax category, where we see the best indication of renewed consumer optimism in Tennessee,” Emkes said. “That’s the largest monthly growth we’ve seen in the last 69 months, dating back to January 2006."
1 Comments:
With the exception of sales tax and excise/estate taxes, the other revenue sources fell short of the reduced budget estimates (again). Of course, leading the country in sales tax rate coupled with the real inflation of consumer goods prices (contrary to Bernanke and the BLS rate of 2.1%) leads to increased sales tax revenue - even if there are no increased sales.
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