Tennessee 2025-2026 Regular Session

Tennessee Senate Bill SB1271 Compare Versions

Only one version of the bill is available at this time.

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2	2	<BillNo> <Sponsor>
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4	4	SENATE BILL 1271
5	5	By Johnson
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7	7
8	8	SB1271
9	9	001279
10	10	- 1 -
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12	12	AN ACT to amend Tennessee Code Annotated, Title 7,
13	13	Chapter 53; Title 9, Chapter 21 and Title 9,
14	14	Chapter 23, relative to economic development.
15	15
16	16	BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
17	17	SECTION 1. Tennessee Code Annotated, Section 7-53-101(15)(A)(x), is amended by
18	18	deleting the subdivision and substituting instead the following:
19	19	Any multifamily housing facilities, including, but not limited to, affordable and
20	20	workforce housing, as those terms are defined in § 5-9-113, to be occupied, in whole or
21	21	in part, by persons of low to moderate income, elderly, or handicapped persons, as may
22	22	be determined by the board of directors, which determination shall be conclusive;
23	23	provided, that, any reference to "apartment" or "apartments" in this chapter means
24	24	multifamily housing facilities that are available for rent as described in this subdivision
25	25	(15)(A)(x);
26	26	SECTION 2. Tennessee Code Annotated, Section 7-53-101(15)(A), is amended by
27	27	adding the following as new, appropriately designated subdivisions:
28	28	( ) Any single family, condominium, or townhome housing development,
29	29	including, but not limited to, affordable and workforce housing, as those terms are
30	30	defined in § 5-9-113, to be occupied, in whole or in part, by persons of low to moderate
31	31	income, elderly, or handicapped persons as may be determined by the board of
32	32	directors, which determination shall be conclusive;
33	33	( ) Any public infrastructure, as defined in § 9-23-102, located within the
34	34	municipality that created the corporation;
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39	39	SECTION 3. Tennessee Code Annotated, Section 7-53-302(a)(4), is amended by
40	40	adding the following language immediately after the language "§ 7-53-101(15)(E)":
41	41	, nor shall this proviso apply to any apartment building or buildings, including, but not
42	42	limited to, affordable and workforce housing, as those terms are defined in § 5-9-113, to
43	43	be occupied, in whole or in part, by persons of low to moderate income, elderly, or
44	44	handicapped persons as may be determined by the board of directors, which
45	45	determination shall be conclusive
46	46	SECTION 4. Tennessee Code Annotated, Section 7-53-312(f), is amended by adding
47	47	the following language at the end of the subsection:
48	48	For any economic impact plan approved by the corporation before or after the effective
49	49	date of this act, the governing body of the municipality, or any city, town, or county
50	50	required to approve an economic impact plan, may approve amendments to the
51	51	economic impact plan in connection with approval of the plan, and the amended
52	52	economic impact plan becomes effective upon approval by the corporation of such
53	53	amendment. The corporation is not required to conduct an additional public hearing
54	54	prior to the approval of any amended economic impact plan.
55	55	SECTION 5. Tennessee Code Annotated, Section 7-53-312(g), is amended by adding
56	56	the following language at the end of the subsection:
57	57	Minor amendments to clarify terms or correct errors in the wording of an economic
58	58	impact plan that has been previously approved by the governing body of a municipality,
59	59	or any city, town, or county required to approve the economic impact plan pursuant to
60	60	subsection (f), become effective upon approval by the corporation. The corporation is
61	61	not required to conduct an additional public hearing prior to the approval of a minor
62	62	amendment to the economic impact plan. If the governing body of the municipality, or
63	63	any city, town, or county required to approve an economic impact plan approves the
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68	68	economic impact plan prior to the approval by the corporation, then additional approval
69	69	of the economic impact plan by the governing body of a municipality, or any city, town, or
70	70	county is not required.
71	71	SECTION 6. Tennessee Code Annotated, Section 7-53-314(f), is amended by adding
72	72	the following language at the end of the subsection:
73	73	For any economic impact plan approved by the corporation before or after the effective
74	74	date of this act, the governing body of the municipality, or any city, town, or county
75	75	required to approve an economic impact plan, may approve amendments to the
76	76	economic impact plan, and the amended economic impact plan becomes effective upon
77	77	approval by the corporation. The corporation is not required to conduct an additional
78	78	public hearing prior to the approval of any amended economic impact plan.
79	79	SECTION 7. Tennessee Code Annotated, Section 7-53-314(g), is amended by inserting
80	80	the following language at the end of the subsection:
81	81	Minor amendments to clarify terms or correct errors in the wording of an economic
82	82	impact plan that has been previously approved by the governing body of the
83	83	municipality, or any city, town, or county required to approve the economic impact plan
84	84	pursuant to subsection (f), becomes effective upon approval by the corporation. The
85	85	corporation is not required to conduct an additional public hearing prior to the approval of
86	86	an amendment to the economic impact plan. If the governing body of the municipality,
87	87	or any city, town, or county required to approve an economic impact plan approves the
88	88	economic impact plan prior to the approval by the corporation, then additional approval
89	89	of the economic impact plan by the governing body of the municipality, or any city, town,
90	90	or county is not required.
91	91	SECTION 8. Tennessee Code Annotated, Section 7-53-316(a), is amended by deleting
92	92	the subsection and substituting instead the following:
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97	97	(a) It is the intent of the general assembly to encourage the redevelopment of
98	98	brownfield sites in this state. In addition to the authorization provided in § 7-53-312, a
99	99	corporation located in a municipality in which a brownfield redevelopment project is
100	100	located may prepare and submit to the municipality for approval an economic impact
101	101	plan with respect to an area that includes, but it is not limited to, the brownfield
102	102	redevelopment project in the manner provided in this section. Except to the extent
103	103	modified under this section, § 7-53-312 applies to an economic impact plan for an area
104	104	that includes a brownfield redevelopment project.
105	105	SECTION 9. Tennessee Code Annotated, Section 7-53-316(b), is amended by deleting
106	106	the subsection and substituting instead the following:
107	107	(b) An economic impact plan submitted for approval under this section must
108	108	provide that the property taxes imposed on the property, including either real property or
109	109	personal property or both located within the area subject to the plan, the sales taxes
110	110	imposed upon sales within the area subject to the plan, the sales taxes imposed upon
111	111	construction and related development or redevelopment activity in the area subject to
112	112	the plan, or any combination and amount of such property and sales taxes, will be
113	113	distributable in the manner described in subsection (c) and § 7-53-312(c), as applicable,
114	114	and used for the purposes permitted by subsection (e).
115	115	SECTION 10. Tennessee Code Annotated, Section 9-21-133(a)(1)(B), is amended by
116	116	adding the following as a new subdivision:
117	117	( ) Is secured or payable only from tax increment revenues, as defined in § 9-
118	118	23-102, except for guaranties or security provided by private parties;
119	119	SECTION 11. Tennessee Code Annotated, Section 9-23-103, is amended by the
120	120	adding the following as new subsections:
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125	125	( ) Notwithstanding subsection (a) or the tax increment statutes to the contrary,
126	126	for any multifamily, single family, condominium, or townhome housing development,
127	127	including, but not limited to, affordable and workforce housing, as those terms are
128	128	defined in § 5-9-113, to be occupied, in whole or in part, by persons of low to moderate
129	129	income, elderly, or handicapped persons as may be determined by the board of
130	130	directors, which determination shall be conclusive, a plan may provide that all taxes
131	131	levied by a participating tax agency must be allocated and paid to the tax increment
132	132	agency.
133	133	( ) A plan may provide that the amount of the dedicated taxes may be fixed for
134	134	the term of the plan as of the date of the plan approval by the tax increment agency or
135	135	the date of the first allocation of taxes to the tax increment agency.
136	136	SECTION 12. This act takes effect upon becoming a law, the public welfare requiring it.