Bill > SB2233

This bill amends Tennessee law regarding restrictions on land purchases by certain foreign entities, specifically by removing a previous exclusion related to international traffic in arms regulations and expanding the definition of "prohibited foreign-party-controlled business" to include entities where a prohibited foreign party holds a controlling or significant interest, or exercises substantial control. It also lowers the threshold for what constitutes a significant interest from thirty-three percent (33%) or more to ten percent (10%) or more, and in one instance, from fifty percent (50%) or more to thirty-three percent (33%) or more. The bill also clarifies deadlines for divestment of land by such entities and outlines exceptions for those registered with the secretary of state and approved by the Committee on Foreign Investment in the United States (CFIUS) or having had national security concerns resolved regarding covered transactions, provided there hasn't been a subsequent change in control.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=SB2233&ga=114