November Revenues

NASHVILLE, TN - The Department of Finance and Administration Commissioner, Jim Bryson, announced today that revenues for November were $1.5 billion, which is $156.1 million more than November of last year, but $49.9 million less than the budgeted estimate. The total growth rate for the month was 11.54 percent.

General fund revenues were $58.2 million less than the November estimate, while the four other funds that share in state tax revenues were $8.3 million more than the estimates.

On an accrual basis, November is the fourth month in the 2025-2026 fiscal year.

"Consumer spending has remained strong, as evidenced by robust sales and use tax collections linked to October's taxable sales activity," Bryson stated. "However, lower-than-expected corporate tax receipts led to November revenues falling below forecasted estimates.

"Although year-to-date totals continue to exceed our estimates, we will continue to monitor economic conditions and consumer demand to meet our budgeted targets."

On a year-to-date basis, August through November, total tax revenues are 0.51 percent greater than the budget estimate, or $34.9 million above expectations. When compared to this same period last year, total tax revenues have grown 4.96 percent or $327.6 million.

General fund revenues are 0.13 percent greater than the year-to-date budgeted estimate, or $7.1 million higher. Likewise, general fund collections compared to this same period last year have increased 4.54 percent or $246.2 million.

Individual tax performance compared to November 2025 Budgeted Estimates:

· Sales Taxes: Above estimate by 3.73% or $46.2 million

· Corporate Taxes (Franchise & Excise): Below estimate by 214.18% or $121.1 million

· Fuel Taxes: Below estimate by 3.00% or $3.2 million

· All other taxes: Above estimate by 18.01% or $28.1 million

Year-to-date performance compared to Budgeted Estimates:

· Sales Taxes: Above estimate by 2.52% or $125.0 million

· Corporate Taxes (Franchise & Excise): Below estimate by 16.94% or $140.0 million

· Fuel Taxes: Above estimate by 0.76% or $3.3 million

· All other taxes: Above estimate by 6.97% or $46.5 million

Individual tax performance compared to November 2024:

· Sales Taxes: Up 4.07% or $50.3 million

· Corporate Taxes (Franchise & Excise): Up -56.50% or $83.8 million

· Fuel Taxes: Down 2.49% or $2.6 million

· All other taxes: Up 15.38% or $24.6 million

Individual tax performance compared to August through November 2024:

· Sales Taxes: Up 4.69% or $227.8 million

· Corporate Taxes (Franchise & Excise): Up 7.81% or $49.7 million

· Fuel Taxes: Up 0.30% or $1.3 million

· All other taxes: Up 7.34% or $48.8 million

The budgeted revenue estimates for 2025-2026 are based on the State Funding Board's consensus recommendation from November 25, 2024, which was adopted by the first session of the 114th General Assembly in April 2025. These estimates also incorporate any revenue changes enacted during the 2025 General Assembly session. Monthly estimates for fiscal year 2025-2026 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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Revenue tables.