Projections in Tennessee Showing that State Tax Collections will Likely Increase in 2014

Dec 18, 2013 at 07:15 pm by bryan

The State Funding Board has made its revenue projections for the upcoming budget year. Last week, the board heard from economists who estimated growth of the state’s total general fund collections should range from 2.2 percent to 3.5 percent. Based on those numbers, the board on Tuesday went with a more conservative range of 2.2 percent to 2.9 percent. The governor will select a figure within that range to construct the budget. 
 
Finance Commissioner Larry Martin says the numbers reflect the state’s sluggish economy. Tennessee’s general fund tax collections fell $22 million short of projections in November, the fourth month of the state’s budget 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.
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