Tennessee House Bill HB2835

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 7 and Title 67, relative to economic development.

Impact

If enacted, HB2835 would potentially reshape how economic development is approached in Tennessee by mandating a formal assessment of the impact that tourism retail districts have in border regions. This report will be presented to the finance, ways and means committees of both the house of representatives and the senate by January 1, 2025. Local governments will be required to cooperate by providing necessary assistance in gathering data for the report, which could lead to more tailored economic policies and support strategies based on empirical findings.

Summary

House Bill 2835 aims to amend the Tennessee Code Annotated, specifically Title 7 and Title 67, to enhance the state's approach to economic development. The bill requires the commissioner of economic and community development, in consultation with the commissioner of revenue, to prepare a report evaluating the economic development impact of certified border region retail tourism development districts. This initiative is aimed at better understanding and optimizing the benefits of these districts for the regions they serve.

Contention

Although the bill appears to focus on economic improvement, there may be underlying contentions regarding the extent of responsibility placed on municipal authorities to support the state's assessment efforts. Local governments might express concerns about resource allocation and the administrative burdens associated with complying with the bill's requirements. Further, stakeholders in the tourism and retail sectors may advocate for clearer definitions surrounding how economic impacts are measured and reported, ensuring that the data accurately reflects their contributions to the economy.