Tennessee revenue collections drop in May

Tennessee revenue collections drop in May

Posted: Updated:

NASHVILLE, Tenn. (AP) - Tennessee Finance Commissioner Larry Martin says the state's revenue collections recorded negative growth in May.

Martin said in a news release on Wednesday that overall revenues were $40 million less than expected. He attributed the poor numbers mainly to a legal change in the timing of business tax payments, and the payment of a large sales tax settlement.

May sales tax collections reflect business activity that occurred during April.

The state's general fund fell short by $42 million last month.

Corporate franchise and excise taxes were $2.2 million below the budgeted estimate for May, and sales taxes were $10.5 million less than expected.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

1306 N. Broadway NE Knoxville,
Tennessee 37917

Telephone: 865.637.NEWS(6397)
Fax: 865.525.4091
Email: newsroom@wate.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Knoxville, Inc. A Media General Company.