TN SB2062

Creates the "Promising Futures Fund" in the state treasury, funded by dedicating 80-87.5% of revenue from vapor product taxes and hemp-derived cannabinoid product fees, with $5 million intended for each of two pilot programs over three-year periods

Establishes a Child Care Workforce Scholarship Pilot Program providing free child care (categorical eligibility regardless of income) to children of child care workers employed at least 30 hours per week, with operations beginning January 1, 2027

Creates the CareShare Tennessee Pilot Program for employer-supported child care assistance, where the state matches employer contributions on a sliding scale based on household income (100% match at or below state median income, declining to 50% match above 150% of median income)

Authorizes a Smart Steps Plus program providing child care scholarships to working families earning between 85% and 150% of state median income who are ineligible for existing subsidy programs

Requires annual reporting to the governor and legislature with independently verified performance data, and allows the Department of Human Services to retain up to 10% of fund balance for administration; effective July 1, 2026