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TN HB0544
Bill
Status
1/29/2025
Primary Sponsor
Kevin Vaughan
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AI Summary
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Creates a new Commercial Development Board with 8 members (2 appointed by the governor, 2 by each legislative speaker, plus the commissioner of economic and community development and comptroller of the treasury) with initial terms beginning October 1, 2025
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Authorizes Payment in Lieu of Taxes (PILOT) agreements for private commercial developers who lease publicly owned property in counties where combined property tax rates exceed $5.50 per $100 of assessed value
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Limits PILOT agreements to a maximum of 10 years, with payments calculated at 10% of the property's appraised value rather than full ad valorem taxes
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Requires annual reporting to the comptroller by October 1 each year detailing all properties under PILOT agreements, their values, lease terms, payment amounts, and allocation between affected jurisdictions
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Mandates that all PILOT agreements be submitted in writing to local chief executives and the comptroller within 10 days of execution, with biannual compliance reports on developer adherence to agreement terms
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 4; Title 5; Title 6; Title 7; Title 9; Title 13; Title 48 and Title 67, relative to property tax incentives to encourage economic and community development.
Taxes, Ad Valorem
Last Action
Taken off notice for cal in s/c Cities & Counties Subcommittee of State & Local Government Committee
3/19/2025