published Tuesday, December 10th, 2013

Tennessee's general fund tax collections fall short of projections

NASHVILLE, Tenn. — Tennessee's general fund tax collections fell $22 million short of projections in November, the fourth month of the state's budget year.

However, Finance Commissioner Larry Martin said today that total revenues for the month were $799 million, which is about 4 percent above the same month last year. He says it's the strongest growth so far this year.

Corporate franchise and excise taxes came in about $16 million short of projections, while the state's sales tax collections were $2 million less.

November tax collections reflect economic activity in the previous month.

Year-to-date general fund collections have fallen $119 million short of projections.

Also today, the State Funding Board met to hear economists' revenue estimates for the upcoming budget year.

Following their predictions, the governor selects a number within the range in constructing the budget.

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