TN October Revenues Slightly Lower Than Previous Year

Tennessee’s tax collections were slightly lower in October than the previous year driven by the three-month grocery tax holiday and lower business tax collections.  Overall October revenues were $1.48 billion, which is $50.9 million less than October of last year and $62.1 million less than the budgeted estimate. The growth rate for October was negative 3.33 percent. Sales taxes collected by the state in October reflect September consumer spending.