{"id":2366226,"date":"2024-11-08T15:21:58","date_gmt":"2024-11-08T20:21:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tennessee-economists-present-rosy-revenue-picture-washington-examiner\/"},"modified":"2024-11-08T15:24:58","modified_gmt":"2024-11-08T20:24:58","slug":"tennessee-economists-present-rosy-revenue-picture-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tennessee-economists-present-rosy-revenue-picture-washington-examiner\/","title":{"rendered":"Tennessee economists present rosy revenue picture &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftennessee-economists-present-rosy-revenue-picture-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2366226&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Tennessee&#8217;s top economists have provided varied\u2062 projections for the \u2064state&#8217;s revenue, but they concur that recent \u2063cuts to the franchise \u2063tax have adversely impacted overall revenue. The Tennessee Department of Revenue forecasts a\u2063 modest increase of 1.6% in total revenue and 2.2% in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nevada-democrats-to-introduce-bill-that-would-allow-tech-companies-to-create-governments-report\/\" title=\"Nevada Democrats To Introduce Bill That Would \u2018Allow Tech Companies To Create Governments\u2019: Report\">general fund revenue<\/a> for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/defense-stocks-outperform-after-russian-invasion-of-ukraine\/\" title=\"Defense Stocks &#039;Outperform&#039; After Russian Invasion of Ukraine\">fiscal year 2025<\/a>. However, the outlook is \u2063brighter for fiscal year 2026, with projected increases of 3.1% in total revenue and 3.9% in the general \u2062fund. The Fiscal Review Committee Staff estimates a growth of\u200c 0.79% for the\u2064 2024-25 fiscal\u2064 year and 3.17%\u200d for 2025-26. While \u2063changes to the franchise tax have benefitted businesses, they are expected to result\u200b in a significant loss of state revenue, estimated between 11.54% and 17%.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Tennessee economists present rosy revenue picture<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1877012\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Tennessee&rsquo;s top economists presented different revenue projections but agreed on one thing &ndash; the state&rsquo;s cut to the franchise tax has led to a decrease.<\/p>\n<div class=\"article-paywall\">\n<p>The Tennessee Department of Revenue gave the State Funding Board a forecast of 1.6% in total revenue and 2.2% in general fund revenue for fiscal year 2025. The numbers were better for fiscal year 2026 &ndash;&nbsp;a 3.1% total revenue increase and a 3.9% general fund revenue increase.<\/p>\n<p>The Fiscal Review Committee Staff predicted 2024-25 fiscal year growth at 0.79% growth. For 2025-26, the total revenue fund growth is projected at 3.17%.<\/p>\n<p>Changes to Tennessee&rsquo;s <a href=\"https:\/\/amzn.to\/3YuVZYV\">franchise tax calculations helped businesses<\/a> but have taken a bite out of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/governor-proposes-teacher-raises-retention-bonuses\/\" title=\"Governor suggests increasing salaries and offering bonuses to retain teachers\">state revenue projections<\/a> with estimated losses between 11.54% and 17%.<\/p>\n<p>Dr. Don Bruce of the University of Tennessee&rsquo;s Boyd Center for Business and Economic Research projected a nominal negative growth of minus-1.3% for this fiscal year and a 2.5% growth for 2026.<\/p>\n<p>The changes are all due to policy changes, he said.&rdquo;Were it not for the needed or mandatory responses in terms of policy, especially with franchise and excise taxes in Tennessee, we would certainly be seeing positive growth and total revenue because F&amp;E would not be down,&rdquo; Bruce said.<\/p>\n<p>The 2023 food tax holiday that ran from September through October will add $180 million to this year&rsquo;s coffers since it is not happening in 2024, according to a presentation by Joe Wegenka, chief economist for the Fiscal Review Committee.<\/p>\n<p>Dr. Joseph Newhard, assistant professor of economics at East Tennessee State University, said his forecast anticipates strong growth for small and medium businesses in Tennessee. He predicted an increase of 0.61% for 2024-25 and 4.54% from 2025-26.<\/p>\n<p>&ldquo;Overall, we think the tax structure is very conducive to business and growth and that it will continue to attract production to the state,&rdquo; Newhard said.<\/p>\n<p>The State Funding Board will meet again on Nov. 25 to discuss revenue estimates and other business.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1877012\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1877012\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tennessee economists share optimistic revenue outlook<\/p>\n","protected":false},"author":1,"featured_media":2366227,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/tennessee-state-capitol-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[4934,44637,14486,6651,32076],"class_list":["post-2366226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-economists","tag-financial-forecast","tag-revenue","tag-tennessee","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/tennessee-state-capitol-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2366226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2366226"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2366226\/revisions"}],"predecessor-version":[{"id":2366230,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2366226\/revisions\/2366230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2366227"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2366226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2366226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2366226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}