SB 6003 creates two new state funds to support disaster recovery in Tennessee. The Hurricane Helene interest payment fund helps local governments in counties affected by Hurricane Helene pay interest costs (capped at 5% or prime rate) on loans used for eligible recovery spending. The governor's response and recovery fund provides broader assistance for agricultural, unemployment, and business recovery efforts following declared emergencies, including Hurricane Helene. Both funds are managed by the Tennessee Emergency Management Agency and must be used exclusively for these purposes, with annual reporting required to legislative committees. The bill became effective February 12, 2025.
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.
SB 6005 is an appropriations bill that funds Tennessee's state government operations for the 2024-2025 fiscal years. It allocates specific sums for key programs, including $225.8 million for Education Freedom Scholarships, $210 million for Hurricane Helene recovery efforts, $240 million for disaster relief, and $20 million to rebuild Hampton High School in Carter County. The bill also covers expenses for the first extraordinary session of the 114th General Assembly and provides funds for tourism development and incentives for high-performing schools. These appropriations directly support state agencies, schools, and local governments by providing resources for their designated programs and operations.
HB 6003 creates two state funds to support disaster recovery in Tennessee. The Hurricane Helene Interest Payment Fund helps local governments cover interest costs (capped at 5% or prime rate) on loans used for Hurricane Helene-related recovery, specifically for counties included in the federal disaster declaration. The Governor's Response and Recovery Fund provides broader assistance for agricultural recovery, unemployment aid, and business support following state emergencies, including Hurricane Helene. Both funds are managed by the Tennessee Emergency Management Agency and must be used exclusively for approved recovery purposes, with annual reports to legislative committees.
