Tennessee revenues continue to top projections amid COVID-19
Published 6:17 pm Monday, March 15, 2021
NASHVILLE (AP) — Tennessee revenues continued to exceed projections and grew year-over-year again last month, despite the COVID-19 pandemic.
The Department of Finance and Administration says February revenues totaled $1.1 billion, which is $112.7 million more than the state received in February 2020 and $190.9 million more than the budgeted estimate.
The growth rate for February checked in at 11.1%.
Finance Commissioner Butch Eley says sales and corporate tax revenues delivered extraordinary growth for the month.
The sales tax revenue growth that represents January consumer activity occurred in almost all segments of the state economy except for restaurants and bars.
On an accrual basis, February is the seventh month in the 2020-2021 fiscal year.
Eley said the state has to monitor April and June returns closely because they are big corporate tax filing months and can be volatile. He also noted that federal COVID-19 aid continues to flow into the state.