Amends Tennessee Code to redefine and restrict land purchases by prohibited foreign parties and businesses.
This bill amends Tennessee Code to redefine "prohibited foreign party" and "prohibited foreign-party-controlled business," lowering the threshold for control from 50% to 33% and significant interest from 33% to 10%. It exempts certain entities from restrictions if they possess an interest in agricultural or non-agricultural land containing commercial minerals, groundwater, or surface water.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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