NASHVILLE, TN (SPECIAL TO WLAF) – The 112th General Assembly concluded its business for the 2022 legislative session on Thursday afternoon and adjourned sine die. The session was highlighted by a historic investment in education that centered around an update to the state’s education funding formula through the Tennessee Investment in Student Achievement (TISA) Act.
“I am tremendously proud of the work of both the House and the Senate this session,” said Lt. Governor Randy McNally. “Our strong fiscal position has allowed us to reform our education funding formula, provide tax relief to our citizens and make strategic investments in infrastructure across the state. The work we have done not only provides for Tennesseans now, it secures the future of our state. Our rainy day fund is now at historic levels. Whatever awaits us in the future, Tennessee is ready.”
Lawmakers made a $250 million investment in the state’s rainy day fund, which serves as Tennessee’s savings account to withstand economic downturns. This allocation raises the fund to a historic level of $1.8 billion. In the no-debt, balanced budget the General Assembly allocated over $280 million in tax and fee relief for Tennesseans. This included $80 million for a sales tax holiday on groceries for the month of August and $121 million to eliminate the state’s license plate registration fee for one year.
“This year we have made tremendous investments in students, Tennesseans and the future of our state,” said Senate Majority Leader Jack Johnson (R-Franklin). “Many years of sound fiscal management have strengthened Tennessee’s economy and propelled the state into a strong fiscal position that has allowed us to cut taxes year after year while state revenues continue to increase. Our historic investment in education will have a big impact on student success, and I was proud to be able to work with Governor Lee and my colleagues in the House and Senate on passing this landmark legislation.”
“It has been an honor to have the privilege to work alongside my colleagues and Governor Lee to be a part of this impactful General Assembly,” said Senate Republican Caucus Chairman Ken Yager (R-Kingston). “I am more optimistic than ever for the future of Tennessee’s K-12 and higher education programs. The investments we are making in Tennesseans today in the form of tax cuts and education funding will yield tremendous benefits for years to come.”
Additionally, the General Assembly passed legislation this year to establish truth in sentencing to protect victims of crime and provide true accountability for those who commit crimes. The legislation ensures criminals convicted of certain offenses serve 85 percent to 100 percent of their sentence before becoming eligible for release. (WLAF NEWS PUBLISHED – 04/29/2022-6AM)