House Bill 1410, also known as Senate Bill 1434, proposes to amend the existing legal framework governing the Tennessee Technology Corridor Development Authority by repealing Chapter 148 of the Private Acts of 1983, along with its subsequent amendments from 1984 and 2011. This repeal signifies a significant change in the governance and operational structure of the Authority, effectively nullifying previous regulations and provisions that have been in place.

The bill stipulates that it will only take effect if it receives a two-thirds (2/3) approval vote from the legislative body of Knox County. The presiding officer of the legislative body is tasked with proclaiming the approval or disapproval of the bill and certifying the outcome to the secretary of state. While the bill will become effective immediately for the purpose of its approval process, it will only be fully enacted for other purposes once the necessary local approval is secured.