Bill > HB0890

This bill amends Tennessee law to place new restrictions on special purpose corporations that negotiate "PILOT" agreements, which are payments made in lieu of property taxes. Specifically, if a PILOT agreement results in a taxing jurisdiction receiving less money than it would through regular property taxes, the special purpose corporation must provide written notice to the chief executive officer of that taxing jurisdiction. This officer then has ten days to either require the agreement to be approved by their legislative body or state they do not object. If the officer requires legislative approval, the corporation cannot enter the agreement without it. Any PILOT agreement entered into after July 1, 2026, without following these notice and approval procedures will be void and unenforceable.