October tax revenues were higher than last year but fell short of predictions, according to the Tennessee Department of Finance and Administration.
State collections for October were $22.6 million more than last year. The year-to-date numbers are 1.4% or $72.4 million above budget, according to the department.
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An economist for the University of Tennessee said the state is growing but the labor force participation rate has declined.
Dr. Don Bruce, director of the university’s Boyd Center for Economic Business and Research, told the State Funding Board at its November meeting that Tennessee employment is up by 195,000 since March 2020.
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When Elon Musk’s xAI supercomputer plan was announced in Memphis, there was not a press release from Tennessee’s Department of Economic and Community Development, meaning there is not a state FastTrack grant associated with the project.
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Tennessee collected $8.2 million in taxes on $445.2 million of gross wagers in October, an increase in both categories from a year before.
In October 2022, $7 million was collected on $405 million of gross wagers.
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Sinova Silicon is set to receive a second incentive for its silicon metal plant in Tiptonville if it is approved at next week’s State Funding Board meeting.
Sinova was awarded a $2.2 million incentive in December 2021 for its $150 million investment to build a new plant, which broke ground Oct. 17. Now the funding board is scheduled to approve a $6.5 million FastTrack incentive grant for the Lake County site.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed all-star panelist Clint Brewer in studio to explain the State Funding Board’s role and reasons for the new business swell to Tennessee.
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A state board on Tuesday approved a $35 million jobs training grant to encourage General Motors to retain workers at its Spring Hill plant as the company looks to invest approximately $2 billion to produce electric vehicles, including the Cadillac LYRIQ.
The State Funding Board approved the FastTrack Job Training Assistance Grant. More information is available here.
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