Amends TCA Title 7, Chapter 51 and Title 49.

This bill authorizes a local government or local education agency to create a program to incentivize eligible professionals to live and work within the boundaries of the local government by providing grants to an eligible professional in an amount that is equal to the amount of property tax due on the eligible professional's principal residence. "Eligible professionals" for purposes of this bill are medical professionals, police officers, firefighters, and teachers.<br /> <br /> In order to implement a program pursuant to this bill, the local government or local education agency must obtain approval of the program by the comptroller of the treasury. The comptroller must evaluate a program to ensure that:<br /> <br /> (1) The program complies with the constitution of this state;<br /> <br /> (2) The program's eligibility criteria are reasonable and equitable; and<br /> <br /> (3) The program has clawback provisions in order to reclaim funds if the recipient moves outside the boundaries of the local government, no longer works within the boundaries of the local government, or otherwise fails to meet eligibility requirements for the program.<br /> <br /> A recipient of a grant from a program created under this bill must use the grant to offset the expenses of living within the boundaries of the local government. For each year that a recipient receives such a grant, the recipient must provide an itemized accounting of expenditures made utilizing the grant funds to the granting authority on or before the date on which real property taxes are due.<br />