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.

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.