Sales tax collections continue to increase

White and Van Buren counties see marked improvement

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 Tennessee Department of Finance released the May 2021 revenue collections June 17, with White and Van Buren counties showing a marked improvement over the May 2020 numbers when the COVID-19 pandemic was beginning to wreak havoc on local economies.

In local sales tax collections, White County was listed at $678,797 for May 2021 compared to $558,507 for May 2020. State sales tax collections were $1,881,642 for May 2021, with May 2020 showing $1,559,551.

Van Buren County listed $105,309 in local sales tax collections for May 2021, compared to $62,915, in May 2020. State sales collections came in at $194,404 for May 2021, which is a noticeable increase over the $124,137 figure for May 2020.

Statewide, revenues for May were $1.6 billion, which is $432 million more than the budgeted monthly revenue estimate. State tax revenues were $587.3 million more than May 2020 and the overall growth rate was 59.8 percent.

General fund revenues were more than the budgeted estimates in the amount of $392.8 million and the four other funds that share in state tax revenues were $39.2 million more than the estimates.

Sales tax revenues were $258 million more than the estimate for May and were 51.21 percent more than May 2020. For ten months, revenues are $1,483.8 million higher than estimated. The year-to-date growth rate is 14.08 percent. Remote sales and marketplace facilitator laws contributed $54.9 million to sales tax receipts in the month of April. For nine months, online sales tax revenues represent 36.55 percent of all sales tax growth to the state.

Franchise and excise tax revenues combined were $85.9 million greater than the budgeted estimate in May, and the growth rate compared to May 2020 was 127.76 percent. For ten months, revenues are $851 million more than the estimate and the year-to-date growth rate is 49.87 percent.

Gasoline and motor fuel revenues for May increased by 55.37 percent compared to May 2020, and they were $7.7 million more than the budgeted estimate of $100.7 million. For ten months, revenues are less than estimates by $11.1 million.

Hall income tax revenues for May were $36 million more than the budgeted estimate as the tax filing deadline for this tax was extended into this month. For ten months, revenues are $22.5 million less than the budgeted estimate.

Tobacco tax revenues were $5 million more than the May budgeted estimate of $19 million. For ten months, they are $14.6 million more than the budgeted estimate.

Privilege tax revenues were $29.4 million more than the May estimate, and on a year-to-date basis, August through May, revenues are $101.8 million more than the estimate.

Business tax revenues were $8.1 million more than the May estimate. For ten months, revenues are $43.2 million more than the budgeted estimate.

Motor vehicle registration revenues were $1.9 million more than the May estimate, and on a year-to-date basis, revenues are $15.5 million more than the estimate.

Mixed drink, or Liquor-by-the-drink, taxes were $0.8 million more than the May estimate.  For ten months, revenues are $23.9 million less than the budgeted estimate.

All other tax revenues were less than estimates by a net of $0.8 million.

Year-to-date revenues for ten months were $2,444.6 million more than the budgeted estimate. The general fund recorded $2,339.2 million more than the budgeted estimate and the four other funds were $105.4 million more than estimated.   

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