Tennessee House Bill HB0148

Tennessee 2023-2024 Regular Session

• Introduced: 1/11/23
• Refer: 1/20/23

Caption

AN ACT pursuant to Article II, Section 24, of the Tennessee Constitution providing for the dollar amount and rate by which the growth of appropriations from state tax revenues will exceed the estimated growth in the state's economy and to amend Tennessee Code Annotated, Title 9, Chapter 4, Part 52.

Impact

If enacted, HB0148 would alter existing statutes in Tennessee Code Annotated, specifically within Title 9, Chapter 4, Part 52. The revisions aim to refine the definitions around fiscal years and appropriations, eliminating outdated references to specific years while streamlining the language used regarding state revenues. This change will ultimately provide clearer guidelines for future budget planning and appropriations, allowing for better alignment with the state’s financial health.

Summary

House Bill 0148 (HB0148) is legislation aimed at amending provisions related to the growth of appropriations from state tax revenues in Tennessee. The bill seeks to establish a specific dollar amount and a rate by which the appropriations may exceed the projected growth of the state’s economy. This act is based on Article II, Section 24 of the Tennessee Constitution, highlighting the importance of maintaining a balanced approach to budgetary increases relative to economic growth rates. An essential goal of the bill is to refine budget management and ensure that state spending does not outpace economic indicators.

Contention

The discussion surrounding HB0148 may include points of contention related to fiscal responsibility and the interpretation of growth calculations versus actual economic conditions. Critics may argue that the bill does not address how revenues from state taxes are allocated and may not sufficiently protect against economic downturns. Supporters, on the other hand, might contend that better-defined fiscal limits could lead to more responsible governance and fiscal planning, preventing excessive appropriations in times of economic uncertainty.