Larry B. MartinNASHVILLE – Christmas sales in November and corporate taxes helped propel Tennessee revenue collections to some $93 million above estimates, adding to a general fund surplus which now stands at $343.4 million as a result, state officials said Friday.
Finance and Administration Commissioner Larry Martin said in a news release that state overall revenue collections for December were $1.1 billion, representing 8.95 percent growth over last year.
The collections reflect November activity.
“Total revenues in December were higher than expected due to collections in the sales and corporate tax categories,” Martin said. “We believe the December sales tax growth rate, which includes Black Friday and after-Thanksgiving sales, may have been influenced by lower gasoline prices and renewed consumer confidence.”
Martin said January’s report will provide a clearer picture with Christmas retail activity included.