For Immediate Release: March 9, 2012
TENNESSEE DEPARTMENT OF REVENUE PROVIDES ANALYSIS
OF FEBRUARY 2012 COLLECTIONS
NASHVILLE - February 2012 collections of the Tennessee Department of Revenue were $726,566,552, an increase of $56,887,251 or 8.5 percent from February 2011 collections.
Sales and use tax collections totaled $501,865,565, an increase of $46,598,501 or 10.2 percent from February 2011 collections.
Collections from the retail trade group increased 10.6 percent. Items with significant changes include:
Collections from the service group increased 11.0 percent from February 2011. The major contributors to this gain were automotive repair, services & parking (13.7 percent) and business services (8.0 percent).
Collections from the non-retail, non-services group increased 3.6 percent led by gains in wholesale trade (15.2 percent). This gain was somewhat offset by a decline in electric, gas & sanitary services (6.3 percent).
Consumer use tax collections were $349,243, an increase of $141,408 or 68.0 percent from February 2011.
Disaster relief tax rebate was $5,592 in February 2012 for taxpayers affected by the May 2010 flood, April 2011 disaster relief, and the sales tax rebate on storm shelters.
Franchise and excise tax collections were $39,753,705, an increase of $6,888,079 or 21.0 percent compared to the collection in February 2011. Separately, franchise tax collections were $9,741,755, a decrease of $5,201,324 or 34.8 percent from last February. Excise tax collections were $30,011,950, an increase of $12,089,403 or 67.5 percent from February 2011.
Business tax collections were $17,154,146, an increase of $4,084,855 or 31.3 percent compared to February 2011.
Privilege tax collections were $15,166,341, an increase of $2,988,171 or 24.5 percent compared to February 2011.
TVA - In Lieu of tax collections were $28,661,892, an increase of $2,566,579 or 9.8 percent compared to February 2011.
Inheritance, gift & estate tax collections were $3,078,507, a decrease of $4,122,977 or 57.3 percent compared to February 2011.
Motor vehicle fuel tax collections were $11,182,158, a decrease of $2,256,759 or 16.8 percent compared to February 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.