For Immediate Release: August 12, 2008
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF JULY 2008 COLLECTIONS
NASHVILLE - July 2008 collections of the Tennessee Department of Revenue were $854,649,282, a decrease of $4,601,333 or 0.5 percent from July 2007 collections.
Sales and use tax collections totaled $600,147,496, a decrease of $8,285,381 or 1.4 percent from July 2007 collections.
Collections from the retail trade group decreased 3.3 percent. Items with significant changes include:
Collections from the service group increased 0.3 percent from July 2007 led by the business services category (up 5.5 percent).
Collections from the non-retail, non-services group rose 5.1 percent led by gains in manufacturing (8.6 percent), wholesale trade (5.3 percent), electric, gas and sanitary services (9 percent), and transportation (33.7 percent).
Consumer use collections were $369,309, an increase of $139,311 (60.6 percent) from July 2007.
Franchise and excise tax collections were $53,153,344, a decrease of $168,813 or 0.3 percent when compared to July 2007. Separately, franchise tax collections were $21,060,004, a drop of $54,781 or 0.3 percent from last July. The excise tax collection was $32,093,340, a decrease of $114,032 or 0.4 percent from July 2007.
Tobacco tax collections were $25,536,597, an increase of $15,462,389 or 153.5 percent over the collection of July 2007.
Inheritance and estate tax collections were $16,029,630, an increase of $10,319,972 or 180.8 percent from July 2007.
Income tax collections were $2,012,086, an increase of $1,077,755 or 115.4 percent compared to July 2007.
Privilege tax collections were $22,737,585, a decrease of $8,808,378 or 27.9 percent compared to July 2007.
Gross receipts tax collections were $6,002,830, a decrease of $6,216,512 or 50.9 percent compared to July 2007.
Gasoline tax collections were $50,044,195, a decrease of $6,121,727 or 10.9 percent compared to July 2007.
Motor vehicle fuel tax collections were $16,148,581, an increase of $1,892,942 or 10.5 percent from July 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.