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Tuesday, November 5, 2024

Tennessee's combined tax revenues down 21.5% from Q2 to Q3 2023

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David Gerregano Tennessee Commissioner of Revenue | Tennessee Department of Revenue

David Gerregano Tennessee Commissioner of Revenue | Tennessee Department of Revenue

Combined tax revenues in Tennessee decreased 21.5% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Tennessee collected $5.8 billion in taxes during the third quarter of 2023, compared to $7.4 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($4.6 billion) and corporation net income taxes ($665 million).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Tennessee Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$4,570
Income Taxes$665
License Taxes$425
Other Taxes$107
Source: U.S. Census Bureau

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