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 land, the acreage 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 valuable land resources are utilized effectively even after the dissolution of related nonprofit entities.

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