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Fri May 10, 2013
TN Collects More Revenues Than Expected
Tennessee State Finance Commissioner Mark Emkes says overall April revenues were $160.9 million more than the state budgeted. Emkes says total collections in April marked the ninth consecutive positive growth month this fiscal year. He said corporate franchise and excise taxes and collections from the Hall tax on income contributed substantially to the large over collection last month.
Franchise and excise taxes combined were $111.3 million above the budgeted estimate, and the Hall tax was in excess of $46.6 million. However, sales tax collections were $5.8 million less than the budgeted estimate for April.