Some Tax Cuts Built Into New $52.8 Billion State Budget
Tennessee’s new $52.8 billion budget for the 2022/2023 fiscal year is among a host of new laws that will go into effect on July 1.
The no-debt, balanced budget appropriates over $280 million in new tax cuts and financial relief for Tennesseans, officials said.
“Tennessee is in a strong financial position,” said Chairman of the Senate Finance, Ways and Means Committee Bo Watson (R-Hixson), who sponsored the legislation to remove the state’s license plate registration fee. “Our Rainy Day Fund is at record highs and we were able to pay for all expenditures in this year’s budget with cash. Removing the state license plate renewal fee is one way we can give back to Tennesseans and thank them for their work to make Tennessee the greatest state in the Union.”