Tennessee general fund tax collections are beating projections by nearly $700 million through the first nine months of the budget year.

(Taxman Music)

The Legislature adjourned last month without taking most of the surplus tax collections into account, meaning that the bulk of the money will not be appropriated until lawmakers return into session next year.

Collections in April exceeded estimates by $166 million on the strength of an 8.5 percent increase in sales tax collections compared with the same month last year. Corporate taxes came in at $82 million more than expected.

The state's Hall tax on income from stocks and bonds was $36 million above the budgeted estimate. Lawmakers passed a bill this year calling for the Hall tax to be phased out by 2022.

Source:

Partner Station WMSR