Senate Bill 2233 amends various provisions of the Tennessee Code Annotated regarding restrictions on land purchases, particularly focusing on foreign ownership. The bill deletes subdivision (B) from Section 66-2-302(1) and introduces new subdivisions that clarify the rights to oil, gas, and other commercial minerals, as well as ground and surface water, in Sections 66-2-302(5) and (6). Additionally, it modifies the definition of a "prohibited foreign-party-controlled business" in Section 66-2-302(10) and adjusts the thresholds for significant interest from thirty-three percent to ten percent in Section 66-2-302(13).

Further changes include the establishment of new timelines for compliance regarding foreign ownership in agricultural and non-agricultural land, with specific deadlines outlined in Sections 66-2-304(b)(2) and 66-2-306(b)(2). The bill also stipulates that certain foreign entities may be exempt from restrictions if they are registered and approved by the Committee on Foreign Investment in the United States (CFIUS) and have no unresolved national security concerns. The act is set to take effect upon becoming law and applies to actions occurring thereafter.

Statutes affected:
Introduced: 66-2-302(1), 66-2-302, 66-2-302(5), 66-2-302(6), 66-2-302(9), 66-2-302(10), 66-2-302(13), 66-2-302(13)(C), 66-2-304(b)(2), 66-2-304, 66-2-306(b)(2), 66-2-306, 66-2-308(b), 66-2-308