The past 12 months have seen a decrease in tax revenues collected for the state, with overall February 2009 collections at around $668 million, about $59 million less than collections from February 2008, which is an 8.2 percent decrease in state revenues. Here’s a more specific breakdown of how February 2009 tax collections compared to last year in some key areas:
Retail trade tax collections:
- Overall (down) 8.7%
- Motor vehicle dealers and service stations (down) 20.8%
- Building materials (down) 25.4%
- Furniture and home furnishings stores (down) 10.7%
- Automotive repair, service and parking (down) 10.8%
Non-retail, non-services tax collections:
- Overall (down) 9.1%
- Wholesale trade (down) 23.6%
- Manufacturing (down) 25.5%
- Electric, gas, and sanitary services (up) 15.4%
- Consumer use (tax equivalent to sales tax on out of state purchases, online and catalog sales) (down) 47%
- Franchise and excise (down) 12.6%
- Motor vehicle fuel (down) 32.5%
- Inheritance estate (down) 58.1%
- Privilege (or wheel) (down) 27%
- Motor vehicle registration (down) 13.1%
- Gas (up) 3.2%
- Tobacco (up) 7.2%
Source: Tennessee Department of Revenue, March 6, 2009
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