Tennessee July tax collections exceed state estimates

Tennessee July tax collections exceed state estimates

August 9th, 2011 by Associated Press in Local - Breaking News

NASHVILLE, Tenn. - Tennessee tax collections in July exceeded state budget estimates for the 12th straight month.

State officials said Tuesday that July revenue was $843 million, or $19.9 million more than budgeted.

Finance and Administration Commissioner Mark Emkes said sales tax collections were $30.5 million more than the estimate, accounting for much of the surplus.

However, he said the year-to-date growth in both sales and corporate tax collections indicates a very slow economic recovery in Tennessee, "and it means we must continue to cautiously move forward in managing the state's budget."