Bill > SB2453

This bill extends deadlines related to sales and use tax revenue retention for certain commercial development districts in Tennessee. Specifically, it pushes back the date by which a county bordering at least three distressed rural counties must apply to be eligible to keep the sales and use tax generated from a commercial development district from December 31, 2026, to December 31, 2040. Additionally, it extends the deadline for the commissioner of finance and administration, the state official responsible for overseeing financial matters, to approve such a commercial development district from June 30, 2031, to June 30, 2041, providing more time for these economic development initiatives.