VOL. 124 | NO. 200 | Monday, October 12, 2009
Tenn. Taxes Fall Short Again in 2nd Budget Month
The Associated Press
NASHVILLE, Tenn. (AP) - Tennessee's tax collections have now fallen below projections in the first two months of the budget year.
The general fund missed expectations by $33.5 million in August, bringing the spending gap to $64 million for the budget year that began July 1.
Collection of sales taxes, which account for two out of every three tax dollars in Tennessee, fell about $38 million short in the month. But corporate franchise and excise tax collections exceeded expectations by $2.6 million.
The monthly tax projections were set by the State Funding Board in May.
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