Senate Bill 603, also known as House Bill 1147, amends Tennessee Code Annotated, Title 49, to enhance accountability in the scholarship program administered by the corporation. A new subsection (j) is added to Section 49-4-704, which mandates that the corporation submit an annual report to the education committees of both the Senate and the House of Representatives. This report must detail the appropriations made by the General Assembly for the scholarship program over the past five academic years, including the total number of applications received, the number of recipients, and the average award amount. The first report is due by July 31, 2025, and subsequent reports are required annually by the same date.

The bill emphasizes transparency and oversight in the management of scholarship funds, ensuring that lawmakers are informed about the program's financial aspects and its reach among students. The act is set to take effect immediately upon becoming law, reflecting the urgency of improving the scholarship program's reporting practices.

Statutes affected:
Introduced: 49-4-704