House Bill 890, also known as Senate Bill 1398, amends Tennessee Code Annotated regarding real property taxes. The bill introduces new provisions that allow the comptroller of the treasury to provide estimates to members of the general assembly electronically. Additionally, it modifies Section 48-101-312(b) by deleting subdivisions (1) and (2) and replacing them with new language that outlines the authority of municipalities to delegate to corporations the ability to negotiate payments in lieu of ad valorem taxes. This delegation is contingent upon a finding that such payments further the corporation's public purposes.

The new provisions also require that if a proposed agreement results in lower payments to any taxing jurisdiction than what would otherwise be owed, the corporation must notify the chief executive officer of each affected jurisdiction. The chief executive officer can then either require legislative approval for the agreement or indicate no objection. If no notification is received within ten days, the corporation may proceed with the agreement. Furthermore, any agreements made after July 1, 2026, that do not comply with these new requirements will be deemed void and unenforceable. The act takes effect upon becoming law.

Statutes affected:
Introduced: 67-5-701(e)(1), 67-5-701
Amended with SA0895 -- 04/06/2026: 67-5-701(e)(1), 67-5-701, 48-101-312(b), 48-101-312