House Bill 2085, also known as Senate Bill 1672, introduces significant amendments to the Tennessee Code Annotated regarding government finances, particularly focusing on tourism and convention centers. A key feature of the bill is the creation of a "joint capital tourism board," composed of nine voting members appointed by state officials and metropolitan representatives. This board will manage the allocation of excess revenues from tourism activities, ensuring confidentiality for applications related to major tourism events. The bill also revises existing laws governing convention center funds, mandating that a portion of revenues be designated for specific tourism-related purposes and adjusting the notice period for financial actions from "thirty (30) days" to "forty-five (45) days."

Furthermore, the bill outlines the management of excess revenues by the new tourism board, which must consult with the metropolitan convention and visitors bureau on costs exceeding $750 million for public facility expansions. It specifies that these revenues can be used for debt service payments, capital costs for facility expansion, and local government infrastructure improvements, with restrictions in place until existing debts are retired, ceasing by June 30, 2042. The bill also clarifies that all revenues from imposed surcharges must primarily support the construction and operation of publicly owned convention centers, with provisions for tax repeal once bonded indebtedness is settled. The act will take effect upon becoming law for the tourism board appointments, while other provisions will be effective starting July 1, 2026.

Statutes affected:
Introduced: 9-23-104
Amended with SA1051 -- 04/21/2026: 9-23-104, 4-29-249(a), 4-29-249, 7-4-110(b), 7-4-110, 7-4-202, 7-4-203, 7-88-114(e)(2), 7-88-114, 7-89-112(c), 7-89-112, 67-4-1908, 67-6-103