Tennessee tax revenues beat September projections by $108M

(Photo: WKRN)

NASHVILLE, Tenn. (AP) – General fund tax collections have beaten projections by $108 million in September.

Corporate franchise and exercise taxes came in at $76 million more than expectations in the month, which reflects economic activity in August. Sales taxes collections were $24 million higher than the amount budgeted for the month and reflect a 4.5 percent growth rate compared with the same year-ago period.

General fund collections are $140 million above projections through the first two months of the budget year.

Tennessee ended the last fiscal year with a surplus of $852 million in the general fund.