NASHVILLE, Tenn. (AP) -- Tennessee's tax collections have fallen far short of estimates in the first month of the budget year.
The general fund missed projections by about $50 million in August, mostly on worse-than-expected sales and corporate tax collections.
Corporate franchise and excise taxes came it about $26 million below the budgeted estimate of $41 million. Sales taxes came in at $21 million below projections.
State Finance Commissioner Dave Goetz says he hopes August's poor tax collections will be made up during the remainder of the budget year.
Lawmakers were forced to cut nearly a half-billion dollars for this year's spending plan because of an economic downturn.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.