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Most tax revenues more than estimates in May

NASHVILLE (AP) — May tax collections for Tennessee’s current fiscal year were $733.8 million, with revenues $10 million more than the budgeted estimate.

Sales tax collections were up 5 percent, $14.6 million more than the estimate in April. Year-to-date growth was 4.52 percent or .4 percent less than the budgeted estimate for the year.

Franchise and excise taxes combined were $8.2 million more than the estimate of $32.3 million.

Gas taxes and motor vehicle registrations were $11.5 million less than the budgeted estimate of $101.6 million.

Year-to-date collections for ten months are $102 million more than the budgeted estimate.

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