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By Jon Styff

The Center Square

Tennessee finished the fiscal year collecting $87.6 million in privilege tax, an increase of $4.3 million from the fiscal year that ended in June 2023.

The increase came despite projections that the state would see a drop to $78.8 million after a change to the state’s sports wagering tax structure.

Tennessee levies a 1.85% tax on gross handle, which replaced a 20% tax on adjusted gross income that was in place until July 2023.

Tennessee had $345 million in gross wagers in June along with $6.3 million in privilege tax.

That’s up from $230 million in gross wagers and $4.6 million in privilege tax collected in June 2023.