Bill > SB1271

This bill amends various sections of Tennessee law to expand the definitions and capabilities of industrial development corporations and tax increment financing (TIF) for housing developments. Specifically, the bill clarifies that "affordable and workforce housing" can include multifamily, single-family, condominium, and townhome developments for low to moderate income, elderly, or handicapped persons. The bill provides municipalities and counties more flexibility in approving and amending economic impact plans, allowing them to make minor amendments without additional public hearings. For brownfield redevelopment projects, the bill broadens the potential uses to include solar power facilities. Additionally, the bill modifies tax increment financing regulations to allow all taxes levied by participating agencies to be allocated to tax increment agencies for certain housing developments, and permits the dedicated tax amount to be fixed for the duration of the plan. These changes are designed to promote economic development, encourage housing development for underserved populations, and provide local governments with more administrative flexibility in economic development projects.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1271&ga=114