Senate Bill 2054, also known as House Bill 2406, amends Tennessee Code Annotated, Section 67-5-212, which pertains to property tax exemptions. The bill specifically modifies subsection (n) by deleting the period at the end of the first sentence and inserting a provision that establishes a maximum property tax exemption of four hundred (400) acres for nonprofit entities that own or operate a premier type tourist resort, as defined under section 57-4-102(30)(LLLLLL).

This amendment aims to clarify and expand the property tax exemption criteria for certain nonprofit organizations involved in tourism, thereby potentially encouraging the development and operation of premier tourist resorts in Tennessee. The act is set to take effect immediately upon becoming law, emphasizing its importance for public welfare.

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