Tennessee
State of Tennessee Revenues Report for January 2024
NASHVILLE – February 16, 2024 – Tennessee revenues for the month of January exceeded collections from January of 2023, but were less than the budgeted estimates. Finance and Administration Commissioner Jim Bryson today reported that tax revenues were $1.95 billion, which is $15.8 million more than January of last year, but $97.8 million less than the budgeted estimate. The total growth rate for the month was 0.82 percent.
“Total tax receipts for the month of January exceeded reported collections from last year, but performance against our monthly estimates continues to lag,” Bryson said. “State sales tax receipts, reflecting consumer spending during the December 2023 Christmas shopping season, grew modestly. Corporate taxes, or franchise and excise taxes, were less than this time last year, but were nearly in line with our estimates for the month. Furthermore, real estate mortgage tax collections, recorded within the privilege tax, continue to remain low as they were less than monthly estimates. All other taxes combined were $5.4 million above our revenue estimates and increased 6.14 percent compared to January 2023.
“While we are encouraged to see some moderate revenue growth, we will continue to monitor economic activity and revenue trends to ensure fiscal stability.”
On an accrual basis, January is the sixth month in the 2023-2024 fiscal year.
General fund revenues were less than the budgeted estimates in the amount of $95.2 million, while the four other funds that share in state tax revenues were $2.6 million less than the estimates.
Sales tax revenues were $86.1 million less than the estimate for January and the growth rate was 0.98 percent. For six months, revenues are $72 million less than estimated and the year-to-date growth rate is 1.34 percent.
Franchise and excise tax revenues were $1.9 million less than the January budgeted estimate. The growth rate compared to January 2023 was negative 2.47 percent. Year-to-date franchise and excise tax revenues are 10.90 percent lower than this same time last year and $234.2 million less than estimated.
Gasoline and motor fuel revenues increased by 2.97 percent compared to January 2023 and were $1.5 million more than the budgeted estimate of $108.6 million. For six months, revenues are more than estimates by $3.7 million.
Motor vehicle registration revenues were $1.6 million more than the January estimate, but on a year-to-date basis are $3.1 million less than the estimate.
Tobacco tax revenues were $0.4 million less than the budgeted estimate of $15 million, and for six months are $9 million less than the budgeted estimate.
Privilege tax revenues were $15.3 million less than the January estimate, and on a year-to-date basis, August through January, revenues are $79 million less than the estimate.
Business tax revenues were $3.1 million more than the January estimate. For six months revenues are $1.2 million more than the budgeted estimate.
Mixed drink, or liquor-by-the-drink, taxes were $1 million more than the January estimate, and on a year-to-date basis, revenues are $4.1 million more than the budgeted estimate.
All other taxes were less than estimates by a net of $1.3 million.
Year-to-date total revenues are $377.7 million less than the budgeted estimate. General fund revenues are $378.8 million less than the estimate, and the four other funds total $1.1 million more than estimates. The growth rate for six months is negative 0.98 percent.
The budgeted revenue estimates for 2023-2024 are based upon the State Funding Board’s consensus recommendation from November 28, 2022, and adopted by the first session of the 113th General Assembly in April 2023. Also incorporated in the estimates are any changes in revenue enacted during the 2023 session of the General Assembly. These estimates are available on the state’s website at https://www.tn.gov/content/tn/finance/fa/fa-budget-information/fa-budget-rev.html.
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Source: TN Dept. of Finance
Tennessee
Memphis lawmaker renews call for city to secede from Tennessee, form 51st state
MEMPHIS, Tenn. (WMC) – State Rep. Antonio Parkinson says Tennessee’s two blue cities, Memphis and Nashville, should break away and form their own state.
“I don’t think the state of Tennessee deserves a Memphis and Shelby County…or a Nashville, Davidson County,” Parkinson said on Action News 5’s A Better Memphis broadcast Friday.
Parkinson proposed creating a new state called West Tennessee, which would span from the eastern border of Nashville’s Davidson County to the Mississippi River.
“I’m not just talking about Memphis, I’m talking about the eastern border of Nashville, Davidson County and everything to the Mississippi River to create a new state called the new state of West Tennessee, the 51st state, West Tennessee,” Parkinson said.
Proposal follows new congressional map
Parkinson’s secession pitch follows the GOP supermajority approving a new congressional map Thursday that splits Shelby County into three districts, dismantling what was the state’s only majority-Black district.
“So this is about accountability. We’re paying all of this money, yet you remove our voice, so that is taxation without self-determination, taxation without actual representation,” Parkinson said.
Tennessee Speaker of the House Cameron Sexton denies race was a factor when Republicans redrew the map.
“Look, at the end of the day we were able to draw a map based on population and based on politics, we did not use any racial data,” Sexton told Action News 5.
Sexton said Democrats did the same thing in the 1990s when they split Shelby County into three different congressional districts.
Secession requires state, federal approval
For Memphis to secede, it requires approval from the State of Tennessee and the U.S. Congress.
Parkinson said he’s willing to fight that uphill battle.
“Why should we stay in an abusive relationship where they’ve shown us the pattern over and over and over…where they do not see our value, and do not care about us,” Parkinson said.
This is not the first time Parkinson has suggested Memphis secede from Tennessee. He made the same call in 2018 after the Republican-controlled state legislature punished Memphis, cutting the city’s funding by $250,000, in retaliation for removing two Confederate statutes.
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Tennessee
Signal Mountain lawmaker explains her ‘present’ vote on Tennessee redistricting plan
SIGNAL MOUNTAIN, Tenn. — A state lawmaker who represents constituents on Signal Mountain is explaining why she chose not to vote yes or no on Tennessee’s controversial redistricting plan.
State Rep. Michele Reneau (R-Signal Mountain) voted “present not voting” as the House approved a new congressional map during a heated special session.
In a statement, Reneau says the decision reflected concerns about both the process and what happened inside the Capitol.
“I had serious concerns about the timing, process, and unintended consequences,” she said.
Reneau also pointed to the tone of the debate.
She said she did not want her vote to be seen as supporting “the messaging, tactics, or behavior being used by protesters throughout this week.”
Rep. Greg Vital of Hamilton County also voted ‘present.’
We have reached out to his office several times. We will share his explanation in this story if and when we hear back.
The redistricting plan, which has now passed both chambers and is headed to the governor’s desk, reshapes districts across the state, including breaking up the Memphis-based district.
The vote came amid protests, demonstrations and intense debate at the State Capitol.
Reneau says her vote was not about avoiding the issue.
“My vote was not a refusal to take the issue seriously,” she said. “It was a deliberate vote reflecting the complexity of the issue.”
The plan has sparked strong reactions across Tennessee.
Some Democrats have filed legal challenges to block the new map before the next election.
Others have raised concerns about representation, while some lawmakers have floated broader ideas, including changes to how regions are governed.
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Tennessee
University of Tennessee to honor record-setting graduating class of 9,000
KNOXVILLE, Tenn. (WATE) — The University of Tennessee, Knoxville will celebrate its biggest graduating class yet later this month.
The flagship campus of the University of Tennessee System announced Thursday that approximately 9,000 graduates will be honored across 10 commencement ceremonies from May 14-17.
Tennessee’s student population has grown significantly in recent years, with total enrollment topping 40,000 for the first time for the fall 2025 semester. In 2020, Tennessee’s enrollment was 30,000.
UT had a record-number of first-year applications from the class of 2029 with nearly 63,000 and received 5,300 transfer applications, the most ever.
Two new residents halls opened prior to the fall 2025 semester and the university plans to build new residence halls to replace North Carrick, South Carrick and Reese Hall. Following the recent demolition of Melrose Hall, a 116,000-square-foot student success is expected to open during the Fall 2027 semester.
Ceremonies will take place at Thompson-Boling Arena at Food City Center with the exception of the College of Veterinary Medicine Ceremony, which will take place at the Alumni Memorial Building auditorium. Visit the commencement website for scheduling details, and parking information.
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