SB2159 amends Tennessee Code to require annual transfers of lottery funds to the Tennessee Promise scholarship endowment.
SB2159 modifies Tennessee Code Annotated, Section 49-4-708, concerning the Tennessee Promise scholarship endowment fund. Beginning in fiscal year 2025-2026, any funds in the lottery for education account, beyond the general shortfall reserve subaccount and a set amount of ten million dollars ($10,000,000), must be transferred to the Tennessee Promise scholarship special reserve account. The transfers must occur at least annually, with the state treasurer and the commissioner of finance and administration determining the frequency. Each transfer is capped at ten million dollars ($10,000,000).
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