Senate Bill 207 aims to establish a Farmland Preservation Fund in Tennessee to support the preservation of farmland and forestland while allowing farmers and foresters to utilize their properties for agricultural purposes. The bill emphasizes the importance of these lands for economic, environmental, and societal benefits, as well as food security for future generations. It creates a special agency account within the general fund for the allocation of funds to the Department of Agriculture, which will administer the fund. The bill also stipulates that any unencumbered funds at the end of a fiscal year will not revert to the general fund but will be carried forward for future use.

Additionally, the bill outlines a grant program for landowners to enroll their properties in permanent conservation easements held by qualified nonprofit organizations. The Department of Agriculture is tasked with developing this program, which includes specific requirements for grant applications and prohibits the sale or transfer of conservation easements acquired through the program. Governmental entities are excluded from participating in the grant program, and the commissioner of agriculture is authorized to create rules to implement the provisions of the bill. The act will take effect upon becoming law for rule promulgation purposes, while other provisions will take effect on July 1, 2025.