NEW: State tax collections beat expectations by $9.5M in November

NASHVILLE, Tenn. (AP) -- Tennessee's tax collections in November exceeded expectations by $9.5 million.

One month earlier, the state missed projections by $100 million.

State tax collections are still $126 million below projections in the budget year that began July 1, mostly because of corporate tax refunds last month.

In November franchise and excise taxes came in nearly $40 million more than the budgeted estimate of $42 million.

Governor Bredesen has said he doesn't expect state finances to rebound completely before the budget year is out and plans to make spending cuts.

The Tennessee Constitution requires the state to end the budget year with its books balanced.

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