Senate Bill 220 aims to amend various sections of the Tennessee Code Annotated to establish property tax incentives that promote economic and community development. A new subdivision is added to Section 4-29-248(a) to include a "commercial development board," which is further defined in a new part of Title 67, Chapter 5. The bill outlines the board's responsibilities, including entering into payments in lieu of ad valorem tax (PILOT) agreements with private developers who lease publicly owned property. The legislation emphasizes the potential benefits of these agreements, such as increased revenue, enhanced fiscal health, and urban revitalization.

The bill also details the structure and operation of the commercial development board, which will consist of eight members appointed by various state officials. It establishes terms for board members, quorum requirements, and the need for annual and biannual reporting on the performance and compliance of developer-lessees with PILOT agreements. The board is tasked with ensuring that these agreements serve public purposes and are beneficial to the affected taxing jurisdictions. Overall, the bill seeks to facilitate economic growth through strategic property tax incentives while maintaining oversight and accountability.

Statutes affected:
Introduced: 4-29-248(a), 4-29-248