HB 672

This bill modifies Tennessee law governing industrial development corporations by expanding the definition of "remediation site" to ensure continuity of industrial and nuclear development activities. Specifically, it requires that when a nonprofit entity that qualifies as a remediation site dissolves, its acreage must be transferred to another 501(c)(3) nonprofit organization whose primary purpose is promoting industrial development and new nuclear development. The legislation appears designed to prevent the loss of sites designated for industrial remediation and development, particularly those involving nuclear projects, by mandating their transfer to similarly-focused nonprofit entities rather than allowing them to be repurposed for other uses upon dissolution.