Flattened revenue growth, corporate tax refund headline Lee budget proposal

Gov. Bill Lee on Monday delivered his annual State of the State address to gathered lawmakers, with his 2024-25 budget proposal defined by more than $1 billion in planned tax refunds for corporations and a projection that years of annual revenue growth have come to an end.

The governor's most significant policy proposal for the year is his Education Freedom Scholarship Act, unveiled late last year. The program would fund voucher-like scholarships for up to 20,000 Tennessee students next fiscal year, with unlimited growth planned for the years to follow. The program is expected to trigger substantial debate among lawmakers and could see changes from Lee's initial proposal.