Sales tax holiday a likely victim of dire Tennessee budget picture
Senate Speaker Randy McNally (R-Oak Ridge) wields the gavel during a floor session to adjust the course of the legislative session in response to the coronavirus pandemic on March 16, 2020. (Erik Schelzig, Tennessee Journal)
While state House committees go through the motions of advancing pricey legislative proposals, the Senate has been pinpointing spending items likely to to be axed amid a dire state budget outlook. Senate Speaker Randy McNally (R-Oak Ridge) tells WBIR-TV that one such item may be the popular back-to-school sales tax holiday.
“Depending on what their estimates are, I’m pretty sure we’re going to face some difficult times as far as revenue,” McNally said.
This year’s sales tax holiday, which exempts clothing and school supplies costing less than $100 and computers up to $1,500, is scheduled for July 31 through Aug. 2. The state generally forgoes about $10 million in sales tax revenue during the annual event.
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