Senate Bill 302, also known as House Bill 725, amends the Tennessee Code Annotated regarding taxation, specifically focusing on industrial machinery franchise and excise tax credits. The bill mandates that by February 1, 2024, the Commissioner of Revenue must provide a written report to the finance, ways and means committees of both the Senate and the House of Representatives. This report will detail the total annual amount of tax credits granted under Tennessee Code Annotated, Section 67-4-2009(3), for the fiscal years 2021 through 2023.

The bill does not include any deletions from current law but introduces a new requirement for reporting on tax credits, thereby enhancing transparency and accountability in the administration of tax incentives related to industrial machinery. The act is set to take effect immediately upon becoming law, emphasizing its importance for public welfare.