(tn.gov/Peg Broadcasting News)
Tennessee Department of Finance and Administration Commissioner Butch Eley has announced that Tennessee tax revenues exceeded budgeted estimates in February. February revenues totaled $1.13 billion, which is $112.7 million more than the state received in February 2020 and $190.9 million more than the budgeted estimate. The growth rate for February was 11.06 percent.
“The two largest contributors to the state’s tax base, sales and corporate tax revenues, delivered extraordinary growth for the month of February,” Eley said. “Sales tax revenue growth, representing January consumer sales tax activity, occurred in most all segments of the state’s economy, except for the restaurant and bar industry. Revenues from online sales taxes also boosted our monthly growth rate with approximately $44.5 million in growth attributed to remote sales and marketplace facilitator laws. To date, online sales tax revenues have accounted for about 66.4 percent of all sales tax growth to the state.