Bill > SB0758

This bill amends Tennessee law concerning industrial development corporations by modifying the conditions under which land can be transferred upon the dissolution of a nonprofit entity. Specifically, the bill adds language that requires any acreage held by an existing nonprofit to be transferred to another 501(c)(3) nonprofit organization (a type of tax-exempt organization) that primarily focuses on promoting industrial development and new nuclear development when the original nonprofit entity dissolves. The change appears to ensure continuity of land use and development goals in cases where an industrial development-focused nonprofit ceases to operate. By specifying the transfer requirements, the bill provides a clear pathway for land disposition that maintains the original intent of supporting industrial and nuclear development in Tennessee. The bill will take effect immediately upon becoming law, as stated in Section 2 of the document.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0758&ga=114