Bill > SB2417

This bill amends Tennessee Code Annotated to require, in counties with a population of 60,000 or less, that payment in lieu of tax (PILOT) agreements be approved by a majority vote of the city or county legislative body of each affected taxing jurisdiction before an industrial development corporation, housing authority, or health, educational, and housing facility corporation can negotiate the agreement. This change is intended to give local governments more oversight and control over PILOT agreements in smaller counties. The bill takes effect on July 1, 2024 and applies to agreements entered into, renewed, or amended on or after that date.