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 mandates, upon the dissolution of a nonprofit entity, the transfer of its acreage to a 501(c)(3) nonprofit organization whose primary mission is to promote industrial development and new nuclear development. This addition aims to ensure that the land remains dedicated to purposes that support industrial growth and nuclear initiatives.

The bill is set to take effect immediately upon becoming law, emphasizing the importance of the public welfare in its implementation. By facilitating the transfer of land to organizations focused on industrial and nuclear development, the legislation seeks to bolster economic growth and innovation in Tennessee.

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