Tennessee Business and Economic Outlook, Spring 2015
Publication Date: May 1, 2015
In Tennessee, total tax collections grew by 4.6 percent during the third quarter of 2014. This was faster than both the southeast average of 3.2 percent and the national average of 4.4 percent. Among the 12 southeastern states, only South Carolina, Mississippi, Virginia, and Florida experienced faster revenue growth than Tennessee (see Figure 8). As of March 2015, Tennessee Department of Revenue tax collections have totaled $7,797.9 million for the fiscal year-to-date (August 2014 through March 2015), representing a $535.4 million or 7.4 percent increase over last fiscal year. The 7.4 percent expansion in tax revenues has largely been driven by sales tax revenues which are up $269.8 million or 5.7 percent, and franchise and excise tax revenues (corporate income taxes) which have grown by $232.8 million or 24.5 percent compared to last fiscal year-to-date.