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. This budget continues lawmakers’ record of low taxes and fiscal responsibility. The no-debt, balanced budget appropriates over $280 million in new tax cuts and financial relief for Tennesseans.
On July 1, Tennesseans will not have to pay the state’s annual license plate registration fee of $23.75 for one year, saving citizens a total of $121.6 million. This savings, which will continue through June 30, 2023, is one way lawmakers could provide financial relief exclusively to Tennesseans and not out-of-state residents who shop and do business in the state.