Industrial Development - As enacted, makes various changes to law relative to industrial development corporations until June 30, 2028. - Amends TCA Title 7, Chapter 53.

This bill allows industrial development corporations in Tennessee to focus exclusively on supporting minority-owned, locally-owned, small, and women-owned businesses. It requires these corporations to create neighborhood advisory committees to help guide their efforts in promoting and funding these specific types of enterprises. The state Department of Economic and Community Development will cover all startup costs for five years and reimburse operating expenses for four years, with local governments also encouraged to provide financial support after the initial funding period ends.