AN ACT to amend Tennessee Code Annotated, Title 4; Title 9; Title 54 and Title 55, relative to transportation infrastructure funding.
The bill highlights the urgent need for new revenue mechanisms to support the state's transport infrastructure, especially as traditional funding sources shrink. The findings and recommendations resulting from TACIR’s study will be crucial for long-term planning to ensure that the transportation system can handle increased demand and maintain safety standards. This could lead to systemic changes in how transportation infrastructure is funded, potentially impacting future legislation and state budget considerations.
Senate Bill 0703 introduces provisions to amend various titles of the Tennessee Code Annotated concerning transportation infrastructure funding. In response to decreasing gasoline tax revenues due to the rise in fuel-efficient vehicles, SB0703 mandates a study by the Tennessee Advisory Commission on Intergovernmental Relations (TACIR). The goal is to determine sustainable funding sources that can adequately address the state's transportation needs as well as the increasing cost of maintaining roads and bridges as the population grows.
There may be points of contention regarding the nature of alternative funding measures that could emerge from TACIR's report. Stakeholders could express concerns about the imposition of new taxes or fees, particularly in the context of maintaining equity among different income groups. Additionally, discussions may arise on the feasibility of proposed measures, as well as the implications of reallocating existing funds from other state programs to meet transportation needs.