Sales tax figues fall short
Tennessee Department of Finance and Administration Commissioner Larry Martin has announced that Tennessee tax revenue fell short of budgeted estimates in March.
March sales tax revenues reflect retail activity occurring in February, and overall March revenues were $993.6 million, which is $100.9 million less than we collected in March of 2016 and $70.1 million less than the budgeted estimate for the month.
“March sales tax revenues recorded negative growth and were also below our budgeted expectations,” Martin said.
“This is due in part to having one less day of retail activity this February compared to February 2016 and also growing over an extraordinarily high base from last year. In addition, the Department of Revenue implemented a new tax administration system this month and extended the sales tax filing deadline. The April report should capture any March outstanding liability taxpayers owe.”