Tennessee Department of Finance and Administration Commissioner Butch Eley today announced that overall January state tax revenues exceeded budgeted estimates. Revenues for January totaled $1.8 billion, which is $309.2 million more than budgeted and 8.92 percent greater than revenues received in January 2021.
General fund revenues were greater than the budgeted estimates in the amount of $287.1 million while the four other funds that share in state tax revenues were $22.1 million more than the estimates.
Sales tax revenues were $178.9 million more than the estimate for January and the growth rate was 7.77 percent. For six months, revenues are $1.1 billion higher than estimated. The year-to-date growth rate for six months is 18.04 percent.
Franchise and excise tax revenues were $89.8 million more than the January budgeted estimate. Gasoline and motor fuel revenues increased by 5.10 percent compared to January 2021
Year-to-date revenues for six months were $1.94 billion more than the budgeted estimate. The general fund recorded $1.81 billion in revenues more than estimates, and the four other funds totaled $125 million more than year-to-date estimates.