Dec. Tenn. tax collections beat projections

Tenn. general fund revenues beat expectations by $25M in December on strong sales tax growth

Associated Press

NASHVILLE, Tenn. (AP) -- Tennessee's general fund revenue collections came in $25 million above expectations in December, bringing the total surplus through the first five months of the budget year to $84 million.

December revenue collections reflect economic activity in November, which included shopping activity surrounding the Thanksgiving holiday.

Finance Commissioner Mark Emkes said the results may reflect renewed consumer confidence, but said revenues figures to be released next month will give a better picture of Christmas season retail activity.

The state collected about $12 million more than expected in December, a 5 percent growth rate. Corporate franchise and excise were nearly $13 million above the budgeted estimate.

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