Tennessee's taxable sales rise 5%

Tennessee's taxable sales rise 5%

October 10th, 2012 by Staff Reports in Business Around the Region

Sales tax collections in Tennessee continued to show marginal growth in September. The Tennessee Department of Finance and Administration reported Tuesday that taxable sales in Tennessee last month were 5.45 percent above the budgeted estimates.

"The sales tax is the 'bread and butter' of our revenue collections in Tennessee, and it's our leading economic indicator," Finance Commissioner Mark Emkes said. "September sales tax collections continue to reflect the sluggish national economy, but we are very pleased with the positive growth rates reported in corporate franchise and excise taxes."