For Immediate Release: November 20, 2013
OCTOBER 2013 REVENUE COLLECTIONS DECLINE MODESTLY
NASHVILLE - Overall collections fell modestly in October, compared with the same month a year ago, but collection of one of the state's major taxes, sales and use tax, remained strong.
Total collections for the month were $827,050,634, a decrease of $9,690,185 or 1.2 percent from October 2012.
However, the collection of sales and use tax, which is the state's biggest tax revenue generator, rose in October. It totaled $592,089,008, up $16,748,162 or 2.9 percent from October 2012 collections.
Within the sales and use tax category, retail trade collections were up 3.0 percent. Home furniture and furniture and equipment store collections led the group with a 21.8 percent increase, while building material store collections were up 10.1 percent. Motor vehicle dealers and service stations collections were up 7.0 percent, with a 5.3 percent increase in the new, used motor vehicle sub-category. Eating and drinking establishment collections were up 3.5 percent.
Collections from the service group increased 2.6 percent from October 2012 led by a gain in amusement and recreation services (20.7 percent).
Collections from the non-retail, non-services group decreased 1.2 percent led by losses in transportation (85.1 percent) and electric, gas & sanitary services (4.3 percent). Somewhat offsetting those losses were gains in wholesale trade (6.8 percent) and manufacturing (4.5 percent).
Gasoline tax collections were $47,598,596, a decrease of $4,445,901 or 8.5 percent compared to October 2012.
Franchise and excise tax collections were $43,228,451, a decrease of $21,910,650 or 33.6 percent compared to the collection in October 2012.
Privilege tax collections were $24,475,736, an increase of $4,423,438 or 22.1 percent compared to October 2012.
Motor vehicle fuel tax collections were $15,340,224, an increase of $3,518,024 or 18.7 percent compared to October 2012.
Inheritance, gift and estate tax collections were $11,113,542, an increase of $2,197,088 or 24.6 percent compared to October 2012.
Business tax collections were $2,814,133, a decrease of $2,689,913 or 48.9 percent compared to October 2012.
Income tax collections were $2,751,307, a decrease of $1,368,401 or 33.2 percent compared to October 2012.
Consumer use tax collections were $463,470, an increase of $138,218 or 42.5 percent from October 2012.
The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws and the collection of taxes and fees associated with those laws. The Department of Revenue collects approximately 87 percent of total state tax revenue. During the 2013 fiscal year, the department collected $11.7 billion in state taxes and fees. In addition to collecting state taxes, the Department of Revenue collects taxes for local, county and municipal governments. During the 2013 fiscal year, local government collections by the Department of Revenue exceeded $2.2 billion. To learn more about the department, log on to www.TN.gov/revenue.