Energy

SB 758 amends Tennessee law to require that when a nonprofit industrial development corporation dissolves, its land (acreage) must be transferred to a 501(c)(3) nonprofit organization focused on promoting industrial development and new nuclear development. This change directly affects dissolved industrial development corporations and specifies the recipient nonprofit for their land transfers. The bill modifies Section 7-53-317(a)(2) of Tennessee Code to replace prior transfer rules with this new requirement. The policy change, effective May 5, 2025, ensures land from dissolved industrial development entities supports ongoing industrial and nuclear development initiatives.

HB 672 amends Tennessee law to require that when an industrial development corporation dissolves, its land must be transferred to a 501(c)(3) nonprofit entity focused on promoting industrial development and new nuclear energy. This change updates the disposition rules for dissolved corporations' land, directly affecting industrial development corporations and the nonprofits that will receive the property. The bill specifies that the recipient nonprofit must have "main purpose" tied to industrial and nuclear development, ensuring land continues supporting these sectors. The amendment takes effect upon becoming law.