December Revenues Give TN a Boost

Nashville (AP) - A sharp increase in corporate tax collections helped Tennessee end 2006 with more money than expected. State revenues were nearly $114-million dollars above montly projections in December.
The higher franchise and excise tax collections were partly due to the results of a federal audit of three companies that led to a revision in how much they owed the state.
Those collections are a one-time boost to state revenues.
State finance officials said they are cautiously optimistic about collecting more taxes than expected for the fiscal year.