Tennessee state tax revenues continue to exceed projections

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Posted at 6:15 PM, Jul 19, 2021
and last updated 2021-07-19 19:15:10-04

NASHVILLE, Tenn. (AP) — Tennessee officials say state tax revenues continued to exceed projections in the latest monthly report.

The Tennessee Department of Finance and Administration says that revenues for June were $1.9 billion, which is $372.3 million more than the budgeted monthly revenue estimate and $321.1 million more than June 2020.

That represents a growth rate year-over-year of 20.9%. The revenues also represent a monthly growth rate of 18.6% compared to June 2019, before the COVID-19 pandemic. The revenues reflect taxable sales activity from the month of May.

On an accrual basis, June is the eleventh month in the 2020-2021 fiscal year. Year-to-date revenues were $2.8 billion more than projections.