This week, budget hearings begin at the Tennessee state capitol. They come at a time when it appears economists overshot how much tax revenue would come in to fund state government.
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Tennessee Governor Bill Haslam defended his record on taxes before a Congressional committee Tuesday. He’s trying to convince lawmakers in Washington that states need more power to collect sales taxes from Internet retailers.
The Senate passed two tax bills – lowering the sales tax on food and raising the exemption on the inheritance tax – and sent them to the governor, who proposed them in the first place.
Residents in Humphreys County overwhelmingly rejected a wheel tax, but narrowly said yes to increasing local sales tax yesterday.
Governor Bill Haslam says he’s ready to talk with Amazon about any further investments in Tennessee, now that the state legislature has put off its discussion of whether the internet retailer has to collect sales tax.
Amazon.com is ready to start hiring employees for two distribution centers it’s building near Chattanooga. A news release from the online retailer says the warehouses will open this fall, creating 1,200 jobs.
July sales tax revenues in Tennessee grew nearly six percent. That’s a rate of improvement not seen since April of 2007, before the recession.
State tax collections were slightly below budget projections for June, but state sales tax revenue grew.
State Senate Speaker Ron Ramsey says he and his legislative staff will be working through the weekend on an alternative to Governor Phil Bredesen’s budget plan. They’re still looking for cuts to replace proposed tax hikes.
Governor Phil Bredesen wants to end the state’s sales tax cap on big purchases. He took that plan to business leaders in Murfreesboro Wednesday.
State revenues for January stayed below the break-even mark. But officials speculate that the worst may be over.
Eight years ago Phil Bredesen had to cut back on an over-optimistic budget left by the previous governor. Bredesen has made it clear he intends his last budget as governor to be a lot friendlier to the incoming administration.
The outlook for the state’s revenue is “bleak,” in the words of one state official.