NASHVILLE - State tax collections fell below budgeted estimates for the fifth consecutive month of the fiscal year and continued a trend of negative tax revenue growth.
Finance Commissioner Dave Goetz said Wednesday that state revenue collections for December were $766.7 million, or $54.2 million less than estimated. The general fund was undercollected by $50.8 million.
Collections were $169 million less than estimated since the beginning of the fiscal year. Goetz said they will have to make sure the budget for next year reflects the revenue available.
Inheritance and estate taxes were $2.6 million more than expected for the month.