NASHVILLE (AP) — Tennessee has posted another round of positive state tax revenues during the COVID-19 pandemic.
The Tennessee Department of Finance and Administration says January revenues totaled $1.8 billion, which is $309.2 million more than budget estimates and 8.9% higher than the January 2021 revenues.
Finance Commissioner Butch Eley says the growth was less than the 22% increase over the first five months of the budget year. January is the sixth month in the fiscal year.
Eley says the January growth reflected Christmas season shopping, though he says a large part of the growth was likely from inflation. Eley says he expects lower growth rates over the final six months of the fiscal year.