Budget & Taxes

SB 6006 creates the Tennessee Transportation Financing Authority (TTF Authority) to provide bonds and financing for state transportation projects like highways, bridges, and transit systems. The authority, governed by a board including the governor and state finance officials, can issue bonds and use user fees to cover project costs - including construction, land acquisition, and engineering expenses. This directly affects how Tennessee funds and manages transportation infrastructure development, maintenance, and improvements statewide. The bill replaces previous financing mechanisms with a dedicated state authority to streamline project funding.

SB 6007 provides property tax relief to owners of real or personal property damaged or destroyed by a FEMA-certified disaster occurring between September 26 and September 30, 2024. The state treasurer must disburse payments equal to 130% of the 2024 property tax bill to qualifying owners who owned the property during the disaster and reside in a county covered by the FEMA declaration. Owners must submit required documentation by June 30, 2025, to receive payments, and the program expires December 31, 2025. The bill also updates emergency response rules to allow government entities to deploy personnel and equipment across jurisdictional lines during emergencies with approval from their chief executive.