Senate Bill 703, also known as House Bill 736, aims to address the challenges of funding transportation infrastructure in Tennessee due to decreasing gasoline tax revenues from more fuel-efficient vehicles and rising construction costs. The bill mandates the Tennessee Advisory Commission on Intergovernmental Relations (TACIR) to conduct a comprehensive study to identify sustainable funding sources for the state's transportation needs. This study will include an examination of the overall infrastructure requirements, potential measures to increase revenue, alternative funding sources beyond traditional motor fuel taxes, and a survey of funding strategies used by at least three other states.

The bill outlines specific tasks for TACIR, including the preparation of a report with findings and recommendations, which must be submitted by January 15, 2026, to relevant legislative committees. It emphasizes that the study should be conducted using TACIR's existing resources, ensuring no additional funding is required for this initiative. The act will take effect upon becoming law, reflecting the urgency of addressing transportation funding in Tennessee.