For Immediate Release: July 11, 2012
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF JUNE 2012 COLLECTIONS
NASHVILLE - June 2012 collections of the Tennessee Department of Revenue were $1,207,728,371, an increase of $140,420,703 or 13.2 percent from June 2011 collections.
Sales and use tax collections totaled $589,616,339, an increase of $34,652,731 or 6.2 percent from June 2011 collections.
Collections from the retail trade group increased 7.2 percent. Items with significant changes include:
Collections from the service group increased 5.6 percent from June 2011. The major contributors to this gain were automotive repair, services & parking (12.2 percent) and business services (6.3 percent).
Collections from the non-retail, non-services group decreased 2.7 percent led by losses in communications (9.0 percent) and construction (31.6 percent). This loss was partially offset by a gain in wholesale trade (5.8 percent).
Consumer use tax collections were $309,116, a decrease of $533,560 or 63.3 percent from June 2011.
Disaster relief tax rebate was zero in June 2012 for taxpayers affected by the May 2010 flood, June 2011 disaster relief, and the sales tax rebate on storm shelters.
Franchise and excise taxcollections were $374,355,341, an increase of $91,578,274 or 32.4 percent compared to the collection in June 2011. Separately, franchise tax collections were $127,477,915, an increase of $34,339,110 or 36.9 percent from last June. Excise tax collections were $246,877,426, an increase of $57,239,164 or 30.2 percent from June 2011.
Privilege tax collections were $60,190,684, an increase of $12,103,252 or 25.2 percent compared to June 2011.
Inheritance, gift & estate tax collections were $13,061,229, an increase of $7,980,588 or 157.1 percent compared to June 2011.
TVA - In Lieu of taxcollections were $28,661,892, an increase of $2,566,579 or 9.8 percent compared to June 2011.
Tobacco tax collections were $22,851,756, a decrease of $5,095,568 or 18.2 percent compared to June 2011.
Gasoline tax collections were $54,313,346, a decrease of $3,826,240 or 6.6 percent compared to June 2011.
The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws established by the legislature and the collection of taxes and fees associated with those laws. The Department of Revenue collects approximately 88 percent of total state tax revenue. During the 2011 fiscal year, the department collected $10.4 billion in state taxes and fees. In addition to collecting state taxes, the Department of Revenue collects taxes for local, county and municipal governments. During the 2011 fiscal year, local government collections by the Department of Revenue exceeded $2.0 billion. In collecting taxes, the department enforces the revenue laws fairly and impartially in an effort to encourage voluntary taxpayer compliance. The department also apportions revenue collections for distribution to the various state funds and local units of government. To learn more about the department, log on to www.TN.gov/revenue.