For Immediate Release: June 19, 2008
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF MAY 2008 COLLECTIONS
NASHVILLE - May 2008 collections of the Tennessee Department of Revenue were $825,213,535, an increase of $33,071,505 or 4.2 percent from May 2007 collections.
Sales and use tax collections totaled $555,081,206, an increase of $6,605,652 or 1.2 percent from May 2007 collections.
Collections from the retail trade group decreased 0.7 percent. Items with significant changes include:
Collections from the service group increased 3.3 percent from May 2007. Only the business services category exhibited significant change (up 8.7 percent).
Collections from the non-retail, non-services group rose 4.9 percent led by gains in transportation (up 142 percent), manufacturing (up 12.9 percent) and electric, gas & sanitary services (up 11.5 percent). Partially offsetting these gains was communications (down 9.5 percent).
Consumer use collections were $510,413, a decrease of $209,387 (29.1 percent) from May 2007.
Franchise and excise tax collections were $47,730,918, an increase of $6,693,619 or 16.3 percent when compared to May 2007. Separately, franchise tax collections were $21,596,816, an increase of $288,761 or 1.4 percent from last May. The excise tax collection was $26,134,103, an increase of $6,404,858 or 32.5 percent from May 2007.
Tobacco tax collections were $28,778,956, an increase of $19,558,645 or 212.1 percent over the collection of May 2007.
Motor vehicle fuel tax collections were $19,479,593, an increase of $5,889,715 or 43.3 percent from May 2007.
Inheritance and estate tax collections were $6,199,910, a decrease of $5,339,424 or 46.3 percent from May 2007.
Gasoline tax collections were $50,284,949, a decrease of $1,303,560 or 2.5 percent compared to May 2007.
Privilege tax collections were $46,255,000, a decrease of $1,227,081 or 2.6 percent compared to May 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 2006-2007 fiscal year, the department collected $11 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 2006-2007 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.