House Bill 2375, also known as the "Greenbelt Initiative Fund Transfer (GIFT) Act," establishes a new special account within the state general fund called the rural revenue equity fund. The bill mandates a recurring appropriation of $210 million from the general fund to this account, which will be administered by the commissioner of economic and community development. The funds are designated for rural counties and can be used for capital improvement projects, infrastructure projects, law enforcement, emergency services, and property tax stabilization. To receive funding, rural counties must submit an application that includes various criteria, such as agricultural sales and land classification, which will be evaluated to determine the allocation of funds.

The bill outlines a scoring system for applications based on several factors, including the total acreage of land under greenbelt classification and the county's population. Higher scores will be awarded to counties with more land under greenbelt classification, lower populations, and those lacking the authority to levy development taxes. Additionally, the commissioner may accept other public or private funds to support the rural revenue equity fund, and any unspent funds at the end of the fiscal year will carry over for future use. The act is set to take effect upon becoming law, emphasizing its intent to support rural counties in Tennessee.