House Bill 672 amends Tennessee Code Annotated, specifically Section 7-53-317(a)(2), to include provisions regarding the transfer of property 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 the public welfare in its implementation. This legislative change reflects a commitment to fostering industrial and nuclear development in Tennessee by ensuring that resources are redirected to organizations dedicated to these goals.

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