House Bill 672, sponsored by Scarbrough, amends Tennessee Code Annotated, specifically Section 7-53-317(a)(2), concerning industrial development corporations. The bill introduces a provision that stipulates that upon the dissolution of a nonprofit entity, any associated acreage must be transferred to a 501(c)(3) nonprofit organization whose primary mission 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 support industrial and nuclear development initiatives, thereby fostering economic growth in Tennessee. The bill is set to take effect immediately upon becoming law, emphasizing the urgency of its provisions for public welfare.

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