Senate Bill 1687, sponsored by Seal, amends several sections of the Tennessee Code Annotated to update the reporting requirements for the comptroller. Specifically, it deletes subsection (e) from Section 7-59-316 and subsection (j) from Section 49-4-938, effectively removing certain reporting obligations. Additionally, in Section 67-5-701, subdivision (1) is deleted and replaced with new language that mandates the comptroller of the treasury to annually estimate the cost of the tax relief program based on current parameters. This estimate must then be reported to the department of finance and administration as well as to the members of the general assembly during the budget preparation process.

The bill aims to streamline the reporting process and ensure that the comptroller provides relevant financial estimates to aid in budget planning. The changes are intended to enhance the efficiency of financial oversight and legislative budgeting in Tennessee. The act will take effect upon becoming law, emphasizing the importance of timely implementation for public welfare.

Statutes affected:
Introduced: 7-59-316(e), 7-59-316, 49-4-938(j), 49-4-938, 67-5-701(e), 67-5-701