Amends Tennessee tax code to redefine mixed-use developments eligible for sales tax revenue allocation.

This bill amends Tennessee tax code to redefine mixed-use developments eligible for sales tax revenue allocation. It specifies that such developments 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 other commercial or residential uses. It also allows municipalities or public authorities to apply sales tax revenues from applicable areas for authorized purposes. The changes take effect immediately upon becoming law.

Amends Tennessee tax code to redefine mixed-use developments eligible for sales tax revenue allocation.

This bill amends Tennessee tax code to redefine mixed-use developments eligible for sales tax revenue allocation. It specifies that such developments 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 other commercial or residential uses. It also allows municipalities or public authorities to apply sales tax revenues from applicable areas for authorized purposes. The changes take effect immediately upon becoming law.