Near-Record Revenue
Tennessee's tax collections in the just-ended fiscal year were the third highest on record, a remarkable achievement given the sluggish economy for most of the fiscal year. Despite the slow economy, revenue in the just-ended fiscal year was down just 1.7 percent from the prior fiscal year.

The Department of Finance & Administration reports $7.508 billion in revenue, $127.6 million less than the previous fiscal year's record revenue of $7.636 billion, and only a hair below the $7.558 billion recorded during 1999-2000 fiscal year, at the peak of the economic boom.

Revenue from the state sales tax set a new record at $4.654 billion, up a fraction over last year's $4.642 billion and the $4.608 billion collected in fiscal year 1999-2000.