Senate Bill 1394, also known as House Bill 1402, 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.

These changes aim to simplify the existing legal framework regarding state tax revenue appropriations, ensuring that the growth rate of appropriations is more closely aligned with current economic conditions. 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)