The following information was provided by State Representative Rush Bricken (R) of the 47th district.
Tennessee’s financial position remains strong, as the state’s revenue collections have exceeded targets. During the first six months of fiscal year 2022-23, the state collected $10.58 billion in revenue, which is $1.31 billion more than projected.
The state’s general fund collections totaled $8.97 billion, an increase of $1.19 billion more than projected. Sales tax collections amounted to $6.96 billion, which exceeded projections by $704 million. Additionally, franchise and excise taxes totaled $2.03 billion, which is $532 million more than targeted. All other taxes also exceeded projections by a total of $71.9 million.
According to State Representative Rush Bricken, the state’s conservative budgeting approach has allowed Tennessee to weather the economic uncertainties caused by the COVID-19 pandemic. With revenue collections exceeding targets, the state is well-positioned to continue funding important programs and initiatives while maintaining a healthy financial position.