Bill > HB1306

This bill amends Tennessee law to expand the definition and scope of economic development provisions, with a particular focus on housing and infrastructure. The bill clarifies that industrial development corporations can now include affordable and workforce housing in their definitions, covering multifamily housing, single-family homes, condominiums, and townhomes for low to moderate income, elderly, or handicapped persons. It allows municipalities and counties more flexibility in approving and amending economic impact plans, specifically reducing procedural requirements for minor amendments and clarifying that additional hearings are not always necessary. The bill also introduces provisions related to brownfield redevelopment, including potential solar power facility projects, and modifies tax increment financing rules to allow more comprehensive allocation of taxes for housing developments. Additionally, the legislation provides new options for tax increment agencies to fix dedicated tax amounts for the duration of a development plan and allows for more inclusive definitions of housing projects that can benefit from economic development incentives. The changes aim to streamline economic development processes and provide more opportunities for affordable housing initiatives across Tennessee.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1306&ga=114