Amends TCA Title 4; Title 5; Title 6; Title 7; Title 8; Title 9 and Title 67.
Tennessee HB2085 amends various sections of the Tennessee Code Annotated to extend the period from 30 to 45 days for the commissioner of economic and community development and the comptroller to make a written determination on the approval or decline of tax increment revenue allocations for economic impact plans exceeding 20 years, or for redevelopment plans and community redevelopment plans exceeding 30 years. This change affects the timeline for local governments and developers seeking tax increment financing for long-term projects. Key provisions include the specific extension of the review period for these financial determinations.
Tennessee HB2085 amends various sections of the Tennessee Code Annotated to extend the period from 30 to 45 days for the commissioner of economic and community development and the comptroller to make a written determination on the approval or decline of tax increment revenue allocations for economic impact plans exceeding 20 years, or for redevelopment plans and community redevelopment plans exceeding 30 years. This change affects the timeline for local governments and developers seeking tax increment financing for long-term projects. Key provisions include the specific extension of the review period for these financial determinations.
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