Senate Bill 2633 amends Tennessee Code Annotated to provide municipalities and public authorities with greater flexibility in utilizing sales tax revenues. Specifically, it adds a new subsection to Section 7-88-114, allowing these entities to apply sales tax revenues for purposes authorized under the chapter or Section 67-6-103, as determined by the municipality or public authority. This change aims to enhance local governance and financial management regarding sales tax allocations.

Additionally, the bill modifies Section 67-4-3002 by deleting the previous language in subdivision (7)(D) and replacing it with new criteria for mixed-use developments. The revised language specifies that a qualifying mixed-use development must include a sports facility with ten or more sports fields or a performance venue with a seating capacity of at least 2,500, along with various commercial and residential uses. Furthermore, the development must be expected to require a total public and private capital investment of at least $300 million and must have been located in a tourism development zone when certified. This amendment is intended to encourage significant investment in large-scale developments that can boost local economies.

Statutes affected:
Introduced: 7-88-114, 67-4-3002