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Tenn. General Fund Surplus Reaches $700M in April

Sergey Kuzmin
/
123rf Stock Photo

Tennessee general fund tax collections are beating projections by nearly $700 million through the first month of the budget year. 

The Legislature adjourned last month without taking most of the surplus tax collections into account, meaning that the bulk of the money will not be used until lawmakers return into session next year.

Collections in April exceeded estimates by $166 million on the strength of an 8.5 percent increase in sales tax collections compared with the same month last year.

Corporate taxes came in at $82 million more than expected. The state’s Hall tax on income from stocks and bonds was $36 million above the budgeted estimate.

Lawmakers passed a bill this year calling for the Hall tax to be phased out by 2022.

Rob Canning is a native of Murray, KY, a 2015 TV Production grad of Murray State. At MSU, he served as team captain of the Murray State Rowing Club. Rob's goal is to become a screenwriter, film director or producer and looks to the likes of Quentin Tarantino and Guy Ritchie for inspiration. He appreciates good music, mainly favoring British rock n' roll, and approves of anything with Jack White's name on it. When not studying, rowing or writing, Rob enjoys spending his free time with a book or guitar.
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