Lt. Governor Randy McNally (R-Oak Ridge) suggested that the annual sales tax holiday is one of the things that would not be done this summer to help compensate for the state’s revenue shortfalls.
The revelation by the lieutenant governor was included in a WBIR 10News report in conjunction with adjustments the Tennessee General Assembly expects to make to the fiscal year 2021 budget.
Nashville has suffered the steepest drop in consumer spending of any major metropolitan area in the U.S due to COVID-19, according to a report Wednesday in the Nashville Business Journal.
The Journal used information obtained from Harvard’s new Opportunity Insights Economic Tracker, working with Brown University and the Bill & Melinda Gates foundation to pull data from a variety of sources.