January tax collections in Tennessee fall short

January tax collections in Tennessee fall short

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NASHVILLE (AP) - Tennessee Finance Commissioner Larry Martin says the state's overall tax collections fell below budgeted expectations in January.

The commissioner said in a news release on Wednesday that collections were $52 million less than the state budgeted.

State sales tax collections grew by 5 percent in January, but state revenues still fell short of predictions because of another poor month of corporate tax collections.

Franchise and excise taxes came in at $49 million below estimates in January, which reflects economic activity in the previous month.

Corporate taxes have come in $207 million below projections through the first six months of the budget year, accounting for nearly all of the $220 million shortfall in the state's general fund.

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