December tax collections beat projections by $25M

December tax collections beat projections by $25M

Posted:

NASHVILLE (AP) - Tennessee's general fund revenue collections came in $25 million above expectations in December, bringing the total surplus through the first five months of the budget year to $84 million.

December revenue collections reflect economic activity in November, which included shopping activity surrounding the Thanksgiving holiday.

Finance Commissioner Mark Emkes said the results may reflect renewed consumer confidence, but said revenues figures to be released next month will give a better picture of Christmas season retail activity.

The state collected about $12 million more than expected in December, a 5% growth rate. Corporate franchise and excise were nearly $13 million above the budgeted estimate.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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