Senate Bill 2054 amends Tennessee Code Annotated, Section 67-5-212, to introduce a new provision regarding property tax exemptions for nonprofit entities. Specifically, the bill stipulates that the property tax exemption for these entities, which own or operate a premier type tourist resort as defined in 57-4-102(30)(LLLLLL), shall be limited to a maximum of four hundred (400) acres. This change is made by deleting the period at the end of the first sentence in subsection (n) and adding the new language.

The bill is set to take effect immediately upon becoming law, emphasizing the importance of the public welfare in its implementation. This amendment aims to clarify the extent of property tax exemptions available to nonprofit tourist resorts, potentially impacting their operational costs and financial sustainability.

Statutes affected:
Introduced: 67-5-212(n), 67-5-212