Amends TCA Title 4; Title 5; Title 6; Title 7; Title 9; Title 13; Title 48 and Title 67.
Tennessee HB0544 establishes a commercial development board, administratively attached to the Department of Economic and Community Development, to oversee the negotiation and implementation of payments in lieu of ad valorem taxes (PILOTs) for new commercial properties. The board, consisting of eight members appointed by state officials, will have the authority to acquire and lease commercial properties and must submit annual reports detailing the properties and PILOT agreements. Key provisions include term limits for board members, requirements for written PILOT agreements, and stipulations for the distribution of PILOTs to affected taxing jurisdictions.
Tennessee HB0544 establishes a commercial development board, administratively attached to the Department of Economic and Community Development, to oversee the negotiation and implementation of payments in lieu of ad valorem taxes (PILOTs) for new commercial properties. The board, consisting of eight members appointed by state officials, will have the authority to acquire and lease commercial properties and must submit annual reports detailing the properties and PILOT agreements. Key provisions include term limits for board members, requirements for written PILOT agreements, and stipulations for the distribution of PILOTs to affected taxing jurisdictions.
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Vaughan, Kevin
114th General Assembly
January 29, 2025
March 19, 2025
Taken off notice for cal in s/c Cities & Counties Subcommittee of State & Local Government Committee