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Committee advances bill capping Tennessee Promise endowment transfers
Summary
House Bill 21-06 would cap transfers to the Tennessee Promise endowment at $10 million from surplus funds; the committee voted 6–0 to send the measure to full education after the sponsor described the policy as preserving the program's funding.
Leader Lambert told the subcommittee that House Bill 21-06 caps Tennessee Promise endowment transfers at $10,000,000 from surplus, a move he described as ensuring the fund remains large enough to sustain the program while allowing surplus to be used for other priorities.
"This caps the Tennessee Promise endowment transfer at $10,000,000 on the surplus," Leader Lambert said. Members agreed the bill does not spend HOPE scholarship lottery proceeds and therefore does not require placement on the HOPE calendar; the committee voted 6–0 to advance the bill to full education.
Representative Raper described the legislation as a flexibility measure that gives the General Assembly latitude to allocate remaining surplus. The bill will next be considered by the full House Education Committee.
