House Bill 672 amends Tennessee Code Annotated, specifically Section 7-53-317(a)(2), to include provisions regarding the transfer of land upon the dissolution of a nonprofit entity. The bill stipulates that, instead of simply ending the entity's claim to the acreage, the land must be transferred to a 501(c)(3) nonprofit organization whose primary mission is to promote industrial development and new nuclear development. This change aims to ensure that the land continues to serve a purpose aligned with industrial growth in the state.

The act is set to take effect immediately upon becoming law, emphasizing the importance of the public welfare in facilitating industrial and nuclear development initiatives in Tennessee.

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