SB2417: AN ACT to amend Tennessee Code Annotated, Title 7, Chapter 53; Title 13, Chapter 20 and Title 48, relative to payments in lieu of ad valorem taxes.

Legislative Summary

As introduced, requires, in counties with a population of 60,000 or less, payment in lieu of tax agreements to be approved by a majority vote of the city or county legislative body of each affected taxing jurisdiction before an industrial development corporation, housing authority, or health, educational, and housing facility corporation negotiates the agreement. - Amends TCA Title 7, Chapter 53; Title 13, Chapter 20 and Title 48.