Tennessee Sales Tax Collection Update
- Dec 15, 2011 | Susan McLain
Revenue collections are looking good for Tennessee, according to the revenue report from the Tennessee Finance and Administration Department. Commissioner Mark Emkes reports that "...collections for October were $791.5 million, which is 8.01% above October 2010."
October signals the end of the first quarter of the 2011-2012 fiscal year and "the sales tax recorded a first quarter growth of 6.5%, which is the best first quarter growth since 2006," according to Emkes.
Collections were $15.9 million more than the original estimate for October, and $36.4 million more than the budgeted estimate. According to the state, "...sales tax and franchise and excise tax collections account for about seventy-five percent of all state tax revenue."
Learn more about how to keep your business compliant with sales tax collection and reporting. Contact Avalara at 877-780-4848 or visit www.avalara.com today.