Tennessee General Assembly Adjourns 2023 Session
The 2023 session of the 113th Tennessee General Assembly adjourned on Friday, April 21. In one of their last acts, the Legislature passed the $56.2 billion budget, which included both legislative and governor’s office initiatives.
Some highlights from the end of the session include:
- Transportation Modernization Act to fund road projects in all Grand Divisions
- School Safety Legislation
- The Tennessee Works Act, which begins a three-year transition to Single Sales Factor for franchise and excise taxes to incentivize businesses to invest in Tennessee
- Additional dollars for the Tennessee Investment in Student Achievement formula, which will increase teacher salaries statewide
- The state’s largest investment in technical colleges to train another 10,000 Tennessee workers and complete the Tennessee Colleges of Applied Technology (TCAT) Master Plan by building six new TCATs, expanding and improving 16 existing TCATs, and replacing seven outdated facilities
- Passage of a grocery tax holiday from Aug. 1 to Oct. 31
On April 21, Gov. Bill Lee announced that he will call for the Legislature to convene a special session to pass legislation regarding public safety.
TSCPA will continue to monitor all legislation and will keep you up to date on issues that may impact the accounting profession.