VOL. 127 | NO. 181 | Monday, September 17, 2012
Tennessee General Fund Collections Fall $6 Million Short
NASHVILLE (AP) – Tennessee's tax collections have fallen short of projections in the first month of the budget year.
Finance Commissioner Mark Emkes said in a release Friday that the weak revenues reflect a slow economic recovery on the national level.
The state's total general fund collections for August were $660 million, or about $6 million less than budgeted. The August collections reflect economic activity in the previous month.
Sales taxes grew by just 1.1 percent during the month to $569 million, or nearly $16 million below expectations. But corporate franchise and excise taxes beat projections by $5 million.
Sales tax collections posted a 6.6 percent annual growth rate in the budget year that ended June 30, while corporate taxes grew by 22 percent.
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