Bill > SB1398

This bill amends Tennessee law regarding real property taxes by allowing the comptroller of the treasury to electronically provide cost and income limit estimates for property tax relief to the general assembly, which is the state legislature. It also modifies provisions related to payments in lieu of ad valorem taxes, which are payments made by corporations to local governments instead of paying regular property taxes. Specifically, it clarifies that municipalities can authorize corporations to negotiate these payments with their lessees, provided the payments further the corporation's public purposes. The bill also introduces new notification requirements for corporations entering into agreements that would result in lower payments than the taxes otherwise due, requiring them to notify the chief executive officer of affected taxing jurisdictions, who then has the option to approve or require legislative body approval of the agreement. Any such agreement entered into after July 1, 2026, without following these new procedures will be void.