Wednesday, April 16, 2014

Revenues down in Tennessee
Tennessee revenue collections reflected mixed results in March. The $955.8 million collected was $4 million below budget for the month, leaving the state $263.0 million below its budget so far this fiscal year. Finance and Administration Commissioner Larry Martin said March tax collections "continued to reflect weaker than anticipated revenues from the corporate sector, while sales tax collections were stronger. But he added "We believe the recent increase in retail spending is a reflection of renewed consumer confidence and indicates that the economy is slowly recovering," Martin said. Despite the below budget collections some awmakers continued this term to push for the elimination of the Hall income tax, a tax on income from investments. Anti-methamphetamine legislation has been approved by the Tennessee legislature. It would place an annual cap on allergy and cold medicines like Sudafed that could be bought without a prescription. Over-the-counter remedies that include pseudoephedrine are used to make methamphetamine. Lawmakers must now work out the House and Senate differences before the legislation heads to the governor's desk. According to the Tennessee Bureau of Investigation, 1,685 meth labs were seized in Tennessee last year. --------------------------------------------------------------------------------


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