Tennessee revenues came up $12.5M short in June amid virus
NASHVILLE, Tenn. (AP) — Tennessee officials say state revenues came up $12.5 million short of projections in June amid the coronavirus pandemic.
State Finance Commissioner Butch Eley says June revenues were $1.5 billion, which is $29.8 million less than in June 2019.
The month’s overall collections represented a 1.91% growth rate decline.
Eley says it’s too early to identify patterns in revenue collections, pointing to business, privilege and motor vehicle registration tax payments that were delayed during the early phases of the pandemic.
Eley says the state won’t know the full impact until next month’s close of fiscal year 2020, when corporate tax and Hall income tax filings are due.