Tennessee pandemic tax losses high, but well below national average
NASHVILLE, Tenn. (Mike Osborne) -- A new report by NPR highlights the damage done to Tennessee’s economy by coronavirus.
The study shows tax revenue collected by the state plunged 22 percent between March and May compared to the same period last year.
Most of Tennessee’s neighboring state fared much better. Georgia, Alabama, Kentucky and Mississippi all report revenue drops of 16 percent, or less.
However, Tennessee’s tax losses were considerably less than other tourism-dependent states like Florida or Louisiana.
Gov. Bill Lee told reporters on Tuesday he does not think Tennessee will be allowed to use federal pandemic aid to make up the loss.
Lawmakers say they hope to lessen the impact of tax losses by spreading cuts to state budgets out over several years.