Tennessee SB0758 amends industrial development corporation laws to transfer acreage to a 501(c)(3) nonprofit upon dissolution.
Tennessee SB0758 amends Tennessee Code Annotated, Title 7, Chapter 53, Part 3, concerning industrial development corporations. It specifies that upon dissolution of a nonprofit entity, the acreage must be transferred to a 501(c)(3) nonprofit entity focused on industrial and nuclear development. This change ensures continued promotion of industrial and nuclear development through the transfer of land. The act takes effect immediately upon becoming law.
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