Senate Bill 603 amends Tennessee Code Annotated, Title 49, to enhance transparency and accountability in the scholarship program administered by the corporation. A new subsection (j) is added to Section 49-4-704, which mandates the corporation to submit an annual report to the education committees of both the Senate and the House of Representatives. This report must detail key metrics from the previous five academic years, including the amount appropriated by the General Assembly for the scholarship program, 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 the importance of tracking and reporting scholarship program data to ensure effective oversight and informed decision-making regarding higher education funding. It aims to provide lawmakers with essential information that can help assess the program's impact and effectiveness over time. The act will take effect upon becoming law, reflecting the urgency of improving the scholarship program's accountability.

Statutes affected:
Introduced: 49-4-704