For Immediate Release: April 8, 2008
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF MARCH 2008 COLLECTIONS
NASHVILLE - March 2008 collections of the Tennessee Department of Revenue were $866,730,213, a decrease of $38,195,659 or 4.2 percent from March 2007 collections.
Sales and use tax collections totaled $513,080,487, an increase of $3,067,039 or 0.6 percent from March 2007 collections.
Collections from the retail trade group decreased 0.1 percent. Items with significant changes include:
Collections from the service group increased 5.2 percent from March 2007. Only the hotels & lodging places category exhibited a significant change (up 10 percent).
Collections from the non-retail, non-services group fell 2.2 percent led by losses in communications (down 6.4 percent) and wholesale trade (down 5.5 percent).
Consumer use collections were $538,793, an increase of $255,282 (90 percent) from March 2007.
Franchise and excise tax collections were $161,746,855, a decrease of $51,316,471 or 24.1 percent when compared to March 2007. Separately, franchise tax collections were $71,027,345, a decrease of $5,900,983 or 7.7 percent from last March. The excise tax collection was $90,719,510, a decrease of $45,415,487 or 33.4 percent from March 2007.
Income tax collections were $17,318,409, an increase of $2,560,639 or 17.4 percent compared to March 2007.
Inheritance and estate tax collections were $11,038,162, an increase of $4,073,151 or 58.5 percent from March 2007.
Tobacco tax collections were $24,603,526, an increase of $7,864,798 or 47 percent over the collection of March 2007.
Privilege tax collections were $17,494,012, a decrease of $2,869,920 or 14.1 percent compared to March 2007.
Motor vehicle fuel tax collections were $8,928,710, a decrease of $3,470,341 or 28 percent from March 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.