Tennessee HB2106 modifies the Tennessee Promise scholarship endowment fund by transferring excess lottery funds to the scholarship reserve account.
Tennessee HB2106 amends Tennessee Code Annotated, Section 49-4-708, to change the allocation of funds in the lottery for education account. Starting in fiscal year 2025-2026, any funds exceeding the general shortfall reserve subaccount and ten million dollars ($10,000,000) must be transferred to the Tennessee Promise scholarship special reserve account. The transfers must occur at least annually and cannot exceed ten million dollars ($10,000,000) per fiscal year. This change aims to ensure more consistent funding for the Tennessee Promise scholarship program.
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