For Immediate Release: July 15, 2008
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF JUNE 2008 COLLECTIONS
NASHVILLE - June 2008 collections of the Tennessee Department of Revenue were $1,192,375,257, a decrease of $20,326,699 or 1.7 percent from June 2007 collections.
Sales and use tax collections totaled $572,034,775, a decrease of $8,411,246 or 1.5 percent from June 2007 collections.
Collections from the retail trade group decreased 1.6 percent. Items with significant changes include:
Collections from the service group decreased 1.4 percent from June 2007. No services category exhibited significant change.
Collections from the non-retail, non-services group rose 2.1 percent led by gains in communications (up 12.9 percent) and electric, gas & sanitary services (up 9.1 percent); partially offsetting these gains was manufacturing (down 9.8 percent) and wholesale trade (down 2.8 percent).
Consumer use collections were $346,704, an increase of $201,627 (139 percent) from June 2007.
Franchise and excise tax collections were $277,151,000, a decrease of $22,400,104 or 7.5 percent when compared to June 2007. Separately, franchise tax collections were $98,514,510, a drop of $6,214,172 or 5.9 percent from last June. The excise tax collection was $178,636,490, a decrease of $16,185,932 or 8.3 percent from June 2007.
Tobacco tax collections were $28,269,814, an increase of $14,996,589 or 113 percent over the collection of June 2007.
Gasoline tax collections were $55,994,078, an increase of $4,074,781 or 7.9 percent compared to June 2007.
Income tax collections were $3,240,562, an increase of $1,355,429 or 71.9 percent compared to June 2007.
Business tax collections were $117,868,949, an increase of $1,111,482 or 1 percent compared to June 2007.
Inheritance and estate tax collections were $8,276,671, a decrease of $4,805,196 or 36.7 percent from June 2007.
Motor vehicle fuel tax collections were $11,573,167, an increase of $4,618,649 or 28.5 percent from June 2007.
Privilege tax collections were $52,741,047, a decrease of $3,383,493 or 6 percent compared to June 2007.
The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws established by the legislature and the collection of taxes and fees associated with those laws. The Department of Revenue collects approximately 92 percent of total state tax revenue. During the 2007-2008 fiscal year, the department collected $11.2 billion in state taxes and fees. In addition to collecting state taxes, $1.9 billion of local sales tax was collected by the department for local governments during the 2007-2008 fiscal year. Besides collecting taxes, the department enforces the revenue laws fairly and impartially in an effort to encourage voluntary taxpayer compliance. The department also apportions revenue collections for distribution to the various state funds and local units of government. To learn more about the department, log on to www.TN.gov/revenue.