NASHVILLE—Greg Gonzales, the Commissioner of the Tennessee Department of Financial Institutions, has announced that the state’s maximum effective formula rate of interest is currently 11.75% per annum. This rate is calculated based on a ceiling of 4% above the weekly average prime loan rate, which is 7.75% as published by the Federal Reserve on November 18, 2024.
Commissioner Gonzales stated that this rate will stay in effect until there is a change in the average prime loan rate as reported by the Federal Reserve Bank. This announcement is in accordance with Chapter 464, Public Acts of 1983, which mandates that the Commissioner of Financial Institutions must make a weekly announcement regarding the formula rate of interest in Tennessee.
Latest TN News
For further information, Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, can be contacted at (615) 289-4738.
Source: Read Original Release
Tennessee October Revenue Report Exceeds Last Year
Tennessee’s Department of Finance and Administration reported October revenues of $1.5 billion, an increase of $22.6 million from the previous year but $30.1 million below the budgeted estimate. While sales and corporate taxes underperformed, fuel and realty taxes exceeded expectations. Overall, year-to-date figures show a 1.40 percent increase over budget estimates, with general fund revenues outperforming by 1.45 percent. The budgeted estimates for the fiscal year were based on recommendations from the State Funding Board and adopted by the General Assembly. More details and tables can be found on the state’s website.