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« You Can Teach an Old Dog New Business Models | Main | The First Bredesen Tax Increase » April 8, 2004Tennessee Revenue Surplus Growth Surges
Revenue from the sales tax grew 8.17 percent in March compared to March 2003, again proving wrong those who claimed the tax was unable to provide sufficient revenue growth for state government). For the year, revenue from the sales tax has grown 6.77 percent over the same eight months of fiscal year 2002-03. Overall revenue was up an astonishing 9 percent in March compared to March 2003, and up a very strong 6.95 percent for the year. The sales tax has generated $88.3 million of the state's revenue surplus through March. The $30.7 million surplus in March is the largest monthly surplus in more than a year and probably in several years going back before the recession in the year 2000. Posted in Tennessee Budget & Tax Policy
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Tennessee state government's revenue surplus continued to grow in March - rising a whopping $30.7 million in one month to end the month - the eighth month of the budget year - at $141.7 million. Averaging the rate of surplus revenue collection over a full and Tennessee stands to accumulate a surplus of around $212 million this fiscal year.