House Bill 725 amends the Tennessee Code Annotated by requiring the Commissioner of Revenue to provide a written report to the finance, ways and means committees of both the Senate and the House of Representatives. This report, due on or before February 1, 2024, will detail the total annual amount of industrial machinery franchise and excise tax credits granted under Section 67-4-2009(3) for the fiscal years 2021 through 2023.

The bill emphasizes transparency in tax credit allocation by mandating this reporting requirement, which aims to inform lawmakers about the financial impact of these tax credits on the state's economy. The act will take effect immediately upon becoming law, highlighting its urgency and importance for public welfare.