House Bill 672, sponsored by Scarbrough, amends Tennessee Code Annotated, specifically Section 7-53-317(a)(2), concerning industrial development corporations. The bill modifies the existing law by deleting the period at the end of the subdivision and inserting new language that stipulates that upon the dissolution of a nonprofit entity, the associated acreage must be transferred to a 501(c)(3) nonprofit organization whose primary purpose is to promote industrial development and new nuclear development.

This amendment aims to ensure that land previously held by dissolved nonprofit entities is redirected towards organizations that focus on fostering industrial and nuclear development, thereby supporting economic growth in Tennessee. The act is set to take effect immediately upon becoming law, emphasizing the urgency of its implementation for public welfare.

Statutes affected:
Introduced: 7-53-317(a)(2), 7-53-317