Bill > HB0672

This bill amends Tennessee law regarding industrial development corporations by modifying provisions related to land transfer upon the dissolution of a nonprofit entity. Specifically, the legislation adds a requirement that if a nonprofit organization dissolves, the acreage it owns must be transferred to another 501(c)(3) nonprofit entity whose primary mission is to promote industrial development and new nuclear development. A 501(c)(3) is a type of tax-exempt nonprofit organization under the U.S. Internal Revenue Code, typically focused on charitable, educational, or other specified purposes. The bill appears to ensure continuity of land use and industrial development efforts by mandating that property owned by a dissolving nonprofit be transferred to another organization with similar development-oriented goals. The amendment is narrow in scope but provides a clear mechanism for preserving the potential for industrial and nuclear development in the event of a nonprofit organization's dissolution. The bill takes effect immediately upon becoming law, as stated in the second section.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0672&ga=114