Tennessee revenues up in month before virus downturn hits
Published 4:56 pm Tuesday, April 21, 2020
NASHVILLE (AP) — Tennessee saw a boost in tax revenues in March ahead of the stark budget realities that await the state due to the coronavirus pandemic.
The state Department of Finance and Administration said Monday that the March revenues totaled $1.2 billion, a $71.3 million increase over March 2019 and $62.1 million more than the budget estimate for the month.
Finance Commissioner Butch Eley says the report shows the inherent lag between reported tax receipts and actual economic activity. For instance, sales tax collections for March represent February consumer activity.
Eley says the budget impacts of COVID-19 are unavoidable and will start showing up in the coming months.
