House Bill 672 amends Tennessee Code Annotated, specifically Section 7-53-317(a)(2), to include a provision regarding the transfer of land upon the dissolution of a nonprofit entity. The bill stipulates that, instead of simply ceasing operations, the acreage owned by the nonprofit 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 and nuclear initiatives.

The act is set to take effect immediately upon becoming law, emphasizing the importance of maintaining a focus on industrial and nuclear development in Tennessee. This legislative change reflects a commitment to fostering economic growth through strategic land use and support for relevant nonprofit organizations.

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