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Tennessee tax revenue down again in May, but well above devastating April collections

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NASHVILLE, Tenn. (Mike Osborne)  --  Tennessee tax revenue took another hit in May, but the loss is far lower than what the state suffered in April.

Tennessee revenue officials say the state collected some $184 million less in taxes last month compared to May of last year. That represents about a 16 percent drop in revenue.

In April, the state experienced a nearly 46 percent drop in tax revenue as coronavirus forced Tennesseans to shelter at home.

State officials say the biggest losses resulted from drops in the sales of autos, clothing, furniture, restaurant meals, gasoline, and mixed drinks. The losses were offset to some degree by increased tax collections on the sale of groceries and building materials.

State revenue officers believe still more lost revenue will be recouped in the next few weeks. As the pandemic gathered steam this spring, Tennessee provided deferments for certain business, franchise, excise, and capital gains taxes. Those taxes, normally paid by April 15, will come due by no later than July 15.

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