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TN HB0672

Bill

Official Source

Status

Passed

5/13/2025

Primary Sponsor

Richard Scarbrough

Click for details

Origin

House of Representatives

114th General Assembly

AI Summary

  • Amends Tennessee Code Section 7-53-317(a)(2) governing industrial development corporations
  • Requires that upon dissolution of a nonprofit entity, acreage must be transferred to a 501(c)(3) nonprofit organization
  • The receiving 501(c)(3) must have a main purpose of promoting industrial development and new nuclear development
  • Passed the legislature on April 16, 2025 and was approved by Governor Bill Lee on May 5, 2025
  • Takes effect immediately upon becoming law due to public welfare requirement

Legislative Description

AN ACT to amend Tennessee Code Annotated, Title 7, Chapter 53, Part 3, relative to industrial development corporations.

Industrial Development

Last Action

Comp. became Pub. Ch. 379

5/13/2025

Committee Referrals

Calendar and Rules4/8/2025
State & Local Government3/12/2025
Cities & Counties Subcommittee3/5/2025
State & Local Government2/6/2025

Full Bill Text

No bill text available