TN HB1344

Public four-year colleges and universities in Tennessee may request to redirect non-committed capital outlay funds (from Public Acts of 2022, Chapter 1130) to purposes other than originally designated, subject to appropriation

Institutions must submit requests to the Commissioner of Finance and Administration demonstrating the expenditure is essential to their mission and that alternative funding sources are unavailable

The Comptroller and Commissioner must enter into a memorandum of understanding with each requesting institution, establishing specific requirements, periodic benchmarks, and incremental disbursement schedules

Redirected funds cannot be disbursed until the chairs of the Senate and House finance committees acknowledge the notice in writing; during regular legislative session, committees must hold hearings before acknowledgment, with a 7 business day timeline expected

The Comptroller and Commissioner must submit joint quarterly reports to legislative leadership on each institution's progress until all funds are redirected or the institution withdraws its request