Tennessee March revenue $33.3M less than estimated

Tennessee Department of Finance and Administration Commissioner Jim Bryson announced that revenues for March were $1.6 billion, which is $33.3 million less than the budgeted estimates and $69.3 million less than March of last year. 

General fund revenues were $35.4 million less than the March estimate, and the four other funds that share in state tax revenues were $2.1 million more than the estimates. 

On an accrual basis, March is the eighth month in the 2024-2025 fiscal year. 

"March tax collections were slightly lower than projected estimates," Bryson said. "Sales tax receipts, which reflect February's consumer activity, were likely impacted by adverse weather conditions. Corporate tax collections came in slightly below target but remained largely in line with expectations. All other tax categories, taken together, met projections. 

"Although we fell short of our monthly target, year-to-date revenues remain just below forecast. We will continue to closely monitor economic indicators and revenue trends to maintain fiscal stability." 

On a year-to-date basis, August through March, total tax revenues are 0.08 percent less than the budget estimate, or $10.5 million less than expectations. When compared to this same period last year, total tax revenues have decreased by $17 million or 0.13 percent. 

General fund revenues are 0.24 percent less than the year-to-date budgeted estimate, or $27.1 million. Likewise, year-to-date general fund collections compared to this same period last year have increased 0.30 percent or $33.2 million. 

Individual tax performance compared to March 2025 Budgeted Estimates: 

·        Sales Taxes: Below estimate by 3.59% or $39.7 million 

·        Corporate Taxes (Franchise & Excise): Below estimate by 1.01% or $2.8 million 

·        Fuel Taxes: Above estimate by 10.39% or $9.1 million 

·        All other taxes: Above estimate by 0.07% or $0.1 million 

Year-to-date performance compared to Budgeted Estimates: 

·        Sales Taxes: Above estimate by 0.90% or $85.2 million 

·        Corporate Taxes (Franchise & Excise): Below estimate by 9.65% or $182.1 million 

·        Fuel Taxes: Above estimate by 0.96% or $8.1 million 

·        All other taxes: Above estimate by 6.42% or $78.3 million 

Individual tax performance compared to March 2024: 

·        Sales Taxes: Down 2.73% or $29.9 million 

·        Corporate Taxes (Franchise & Excise): Down 13.90% or $44.0 million 

·        Fuel Taxes: Up 5.07% or $4.6 million 

·        All other taxes: Equal to last year 

Year-to-date tax performance compared to August 2023 through March 2024: 

·        Sales Taxes: Up 4.61% or $423.2 million 

·        Corporate Taxes (Franchise & Excise): Down 22.09% or $483.3 million 

·        Fuel Taxes: Up 1.46% or $12.2 million 

·        All other taxes: Up 2.44% or $30.9 million 

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