Tennessee’s revenue collections for October rose 4.95% to $732.8 million from the same month last year.
The increase marks the third consecutive month of positive growth for sales tax collections since the state’s fiscal year began July 1, the Finance and Administration office reported.
Sales tax collections were $24.1 million more than the estimate for the month.
Franchise and excise tax collections for October were $9.4 million or $900,000 below the budgeted estimate of $10.3 million.
Gasoline and motor fuel collections decreased by 5.02%, or $2.9 million, below the budgeted estimate of $73.1 million.
Tobacco tax collections exceeded budget estimates by $300,000, but privilege tax collections fell short by $400,000. Inheritance and estate taxes were over-collected by $5.4 million for the month. All other taxes were under-collected by a net of $1.2 million.
On an accrual basis so far in the fiscal 2011 year collections have been $59.9 million more than the budgeted estimate.
