Tennessee tax collections grow for 23rd straight month

Tennessee tax collections grow for 23rd straight month

March 8th, 2012 by Staff Report in Local - Breaking News

Tennessee Finance Commissioner Mark Emkes

NASHVILLE - Tennessee tax collections for the general fund continued their climb over estimates by another $23 million in February, officials announced today.

The general fund is now $238 million over original projections for the first seven months of this fiscal year.

State Finance Commissioner Mark Emkes said in a news release the growth indicates "an improving economy in Tennessee," but he warned that rising gas prices could stifle future improvement.

Sales-tax collections fueled most of last month's growth with about $4 million coming from corporate franchise and excise taxes.

It was the 23rd straight month Tennessee has experienced sales-tax growth as the state recovers from the recession.

Taxes collected in February reflect economic activity from January.