HB1402

Tennessee HB1402 amends the state's appropriations growth rate calculation by removing outdated references to fiscal year 1977.

Tennessee HB1402 modifies the state's appropriations growth rate calculation by updating references in Tennessee Code Annotated, Section 9-4-5203. The bill removes outdated references to fiscal year 1977, ensuring the calculation only considers the fiscal year in progress and the latest completed calendar year. This change aims to streamline the process for determining the growth of appropriations from state tax revenues relative to the state's economic growth. The act takes effect immediately upon becoming law.