Senate Bill 2159, also known as House Bill 2106, amends Tennessee Code Annotated, Section 49-4-708, which pertains to the Tennessee Promise scholarship endowment fund. The bill modifies the existing provisions regarding the transfer of funds from the lottery for education account to the Tennessee Promise scholarship special reserve account. Specifically, it deletes the first sentence of subsection (d)(7) and replaces it with new language that stipulates that starting in the fiscal year 2025-2026, any funds in the lottery for education account that exceed the general shortfall reserve subaccount and ten million dollars must be transferred to the scholarship reserve account at least annually, or more frequently as determined by the state treasurer and the commissioner of finance and administration. However, the total amount transferred each fiscal year cannot exceed ten million dollars.

This legislative change aims to ensure a consistent flow of funds to support the Tennessee Promise scholarship program while placing a cap on the amount that can be transferred each year. The bill is set to take effect upon becoming law, emphasizing the importance of the public welfare in its implementation.

Statutes affected:
Introduced: 49-4-708(d)(7), 49-4-708