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VOL. 41 | NO. 20 | Friday, May 19, 2017
Tennessee general fund revenues beat projections by $159M
NASHVILLE (AP) — Tennessee general fund tax collections have exceeded expectations by $159 million in April.
The revenues reflecting economic activity in the previous month include corporate franchise and excise tax collections that came in at $141 million higher than projections.
Sales taxes beat estimates by another $34 million.
Through the first nine months of the budget year, general fund tax collections beat budgeted estimates by $579 million.
The state's healthy surpluses were frequently cited by opponents of Gov. Bill Haslam's 6-cent gas tax increase that was signed into law earlier this month.
But supporters of the governor's transportation plan argued that it made bigger cuts in taxes in other areas, and that general fund revenue shouldn't be used to pay for roads.
April fuel taxes were $3.8 million more than budget estimates.