House Bill 1703, also known as Senate Bill 1850, amends Tennessee Code Annotated, Title 9, Chapter 4, Part 52, to establish guidelines for the growth of appropriations from state tax revenues in relation to the estimated growth of the state's economy. The bill specifically modifies the language in Section 9-4-5203(a) by removing references to the calendar year 1977 and instead focuses on the fiscal year in progress and the latest completed calendar year. Similarly, Section 9-4-5203(b) is amended to eliminate the mention of the 1977-1978 fiscal year appropriations, streamlining the focus to the current fiscal year and the ensuing fiscal year.

The changes aim to simplify the existing legal framework regarding state appropriations, ensuring that the calculations for growth are based on more relevant and recent data. The bill is set to take effect immediately upon becoming law, emphasizing the importance of timely implementation for the public welfare.

Statutes affected:
Introduced: 9-4-5203(a), 9-4-5203, 9-4-5203(b)