Bill > HB0035

This bill amends Tennessee's laws regarding development districts by making several key changes to state funding and recognition. Specifically, the bill officially adds the MidSouth development district to the list of nine existing development districts in Tennessee, which include regions like First Tennessee, East Tennessee, and Greater Nashville. The legislation establishes a standardized state funding mechanism that allocates money based on a per capita assessment, with funding levels ranging from $295,000 to $370,000 depending on the district's per capita assessment rate. The bill mandates that the state budget must include a separate line item for development district funding, calculated at fifty cents per state resident using the most recent population estimate from the U.S. Census Bureau. Importantly, the bill stipulates that state appropriations to these development districts cannot be reduced except during across-the-board budget cuts affecting multiple state agencies. The funding distribution will be determined by the Department of Economic and Community Development, taking into account factors such as population size, number of counties served, and regional cost of living variations. These development districts are intended to support regional economic development plans, activities, and programs that benefit local governments and Tennessee citizens.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0035&ga=114