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Friday, December 27, 2024

Tennessee collects $455 million in license tax revenue in Q1

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David Gerregano Tennessee Commissioner of Revenue | Tennessee Department of Revenue

David Gerregano Tennessee Commissioner of Revenue | Tennessee Department of Revenue

Tennessee collected $455 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Tennessee collected $5.4 billion in combined tax revenues in Q1.

Q1 Tennessee Tax Collections

Type of TaxAmount (millions)
Income Taxes$482
License Taxes$455
Other Taxes$83
Sales and Gross Receipts Taxes$4,319

Source: U.S. Census Bureau

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