TN·Bill·114th Regular Session (2025-2026)
SB 758
Industrial Development - As enacted, redefines "remediation site" to include a 501(c)(3) nonprofit entity whose main purpose is to promote industrial development and new nuclear development upon dissolution of the existing nonprofit entity. - Amends TCA Title 7, Chapter 53, Part 3.
Introduced 2025-02-04Last action 2025-05-13 — Effective date(s) 05/05/2025
Sponsor
Yager
Cosponsors
None✓
Enacted
Legislative Progress
✓
Introduced
✓
In Committee
✓
Passed Chamber
✓
Enacted / Signed
Summary
This bill amends Tennessee law regarding industrial development corporations by modifying what happens to remediation sites when a nonprofit entity dissolves. Specifically, it requires that when a nonprofit entity that owns a remediation site dissolves, the property must be transferred to another 501(c)(3) nonprofit organization whose primary purpose is to promote both industrial development and new nuclear development. This ensures that remediation sites continue to be used for industrial and nuclear development purposes even after the original nonprofit owner ceases to exist, maintaining the land's designation for these specific economic development activities.
Note
Historical import. Session: 114
Full Bill Text
https://capitol.tn.gov/Bills/114/Bill/SB0758.pdf