NASHVILLE — Tennessee tax collections for the general fund continued their climb over estimates by another $23 million in February, officials announced today.
The general fund is now $238 million over original projections for the first seven months of this fiscal year.
State Finance Commissioner Mark Emkes said in a news release the growth indicates “an improving economy in Tennessee,” but he warned that rising gas prices could stifle future improvement.
Sales-tax collections fueled most of last month’s growth with about $4 million coming from corporate franchise and excise taxes.
It was the 23rd straight month Tennessee has experienced sales-tax growth as the state recovers from the recession.
Taxes collected in February reflect economic activity from January.