Palazzolo: State needs to share sales tax revenue with cities
“Tennessee cities produce 92% of all sales tax revenue generated in the state. However, sales tax revenues returned to cities make up only 20% to 30% of their annual operating revenue.”
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“Tennessee cities produce 92% of all sales tax revenue generated in the state. However, sales tax revenues returned to cities make up only 20% to 30% of their annual operating revenue.”
Both suburbs unanimously passed similar resolutions in their respective meetings Monday, taking a formal yet strong stance on the matter.
The town will receive its portion of December sales tax at the end of this month. So the nearly $14 million collected thus far doesn’t account for the holiday spending.
The one-month grocery tax holiday has helped people stretch their budgets, but it has not made a dent in the issue of food insecurity, the Mid-South Food Bank’s CEO says.
Stock up on school supplies, clothes and shoes this weekend. Tennessee’s tax-free holiday continues through Sunday, but Mississippi’s ends at midnight Saturday. The Volunteer State is also exempting most food items (except candy!) from sales tax.
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