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TENNESSEE’S FEBRUARY SURPLUS TAX REVENUES CONTINUES TO GROW OVER ESTIMATES

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Tennessee continues to see its surplus revenues grow as February’s General Tax Fund collections were over $8.4 million above projections. In the first seven of the state’s fiscal year, that surplus has grown to $491 million. Sales tax collections came in at $33 million above estimates during the month, which reflects economic activity in January. Sales tax collections reflect a 6.5 percent growth compared with the same month a year ago, and a 4 percent growth rate since the beginning of the budget year in July. Some projections were below estimates such as franchise, excise fuel taxes