SB0643 amends Tennessee tax code to allow nonprofit religious institutions in large counties to claim exemptions on land acquired for exempt purposes.

SB0643 amends Tennessee Code Annotated, Section 67-5-212, to allow nonprofit religious institutions in counties with a metropolitan form of government and a population over 500,000 to claim exemptions on land acquired for exempt purposes. The exemption can apply retroactively up to three years before the application date or the date the institution began using the property for exempt purposes, whichever is later. This applies to properties acquired before the act's effective date, ensuring they are not taxed while owned by the institution and used for exempt purposes.

SB0643 amends Tennessee tax code to allow nonprofit religious institutions in large counties to claim exemptions on land acquired for exempt purposes.

SB0643 amends Tennessee Code Annotated, Section 67-5-212, to allow nonprofit religious institutions in counties with a metropolitan form of government and a population over 500,000 to claim exemptions on land acquired for exempt purposes. The exemption can apply retroactively up to three years before the application date or the date the institution began using the property for exempt purposes, whichever is later. This applies to properties acquired before the act's effective date, ensuring they are not taxed while owned by the institution and used for exempt purposes.