Tennessee House Bill HB0201

Tennessee 2023-2024 Regular Session

• Introduced: 1/13/23
• Refer: 1/21/23
• Refer: 2/6/23
• Chaptered: 3/23/23
• Passed: 3/23/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 29 and Title 49, Chapter 7, Part 8, relative to the board of trustees of the college savings trust fund program.

Impact

The bill is expected to have a significant positive impact on state laws pertaining to education savings and financial planning for higher education. By refining the governance of the college savings trust fund program, it seeks to improve the accountability and effectiveness of the board of trustees. This could lead to better fund performance, ultimately benefiting families who utilize these savings plans. In the broader context, the amendment aligns with state efforts to increase access to higher education and promote education as an investment in the future.

Summary

House Bill 0201 aims to amend specific sections of the Tennessee Code Annotated concerning the board of trustees of the college savings trust fund program. The primary focus of the bill is to enhance the operational structure and oversight of the college savings trust fund, which assists families in saving for higher education expenses. Such amendments are intended to streamline the management of the fund and ensure that it meets the needs of Tennessee residents seeking to invest in their children's education.

Sentiment

The sentiment surrounding HB 0201 appears to be broadly supportive, especially among legislators and advocates of educational savings initiatives. There were no recorded votes against the bill, indicating a consensus on the importance of enhancing financial support mechanisms for education. This reflects a collective understanding of the value of education savings programs in today’s economic landscape.

Contention

Although the bill passed without opposition, it is crucial to acknowledge that discussions around educational funding and savings can become contentious in the broader context of state budgeting priorities. Opponents could potentially raise concerns about the allocation of state resources and the effectiveness of such programs in truly making higher education more accessible. However, at this point, the legislative history indicates that the focus remained on consensus and collaboration.