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State tax revenues come in strong in March

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NASHVILLE (AP) — Tennessee’s tax collections were $30 million above budgeted estimates in March, putting the general fund $133 million higher than its expected level through eight months of the fiscal year.

Sales taxes, which have accounted for more than two-thirds of the state’s revenue this year, were higher than budgeted estimates by $19.7 million for the month and stand at $84.5 million over estimates for the year, the state Finance Department said Thursday.

Franchise and excise taxes on businesses were $11 million over estimates for the month and are $13.8 million over for the year.

For the year, sales tax collections are up 6.77 percent over the same period a year ago. Franchise and excise taxes are up 11.23 percent.

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