TBA Law Blog

Posted by: Katharine Heriges on May 1, 2019

The state legislature approved a $38.6 billion budget for fiscal 2019-20 with a variety of tax cuts while adding $220 million to bolster the rainy day fund and give teachers pay increases totaling $71 million, the Daily Memphian reports. The measure passed the Senate and House unanimously after both chambers reached a compromise for funding the Katie Beckett waiver. More than $45 million in tax cuts will be made, including reductions in the professional privilege tax by a total of $22 million; $13 million on the gym tax; $450,000 on ammunition; $2.5 million on fiber-optic cable sales taxes; and a $200,000 exemption on government-leased dumpsters.