Senate Bill 2316, also known as House Bill 2178, proposes significant changes to the governance structure of the Tennessee Technology Development Corporation. Effective July 1, 2026, the corporation will be vacated and reconstituted with a new fifteen-member board of directors, which will include ten private sector representatives and four public sector representatives. The appointments will be made by the governor, the speakers of the house and senate, and a nominating committee from the board. The bill emphasizes the need for geographical representation from the three grand divisions of Tennessee in the board's composition.

Additionally, the bill outlines the terms of service for board members, with initial terms ranging from three to four years, and establishes a conflict of interest policy that mandates annual disclosures from board members. The board will meet four times a year, with at least one in-person meeting, and will have an executive committee to manage day-to-day operations. The bill also deletes a specific subdivision from Tennessee Code Annotated, Section 4-29-248(a), and adds a new subdivision to Section 4-29-249(a) to formally recognize the Tennessee Technology Development Corporation.

Statutes affected:
Introduced: 4-14-203, 4-29-248(a), 4-29-248, 4-29-249(a), 4-29-249
Amended with HA0660 -- 03/30/2026: 4-14-203, 4-29-248(a), 4-29-248, 4-29-249(a), 4-29-249