SB1271

SB1271 amends Tennessee economic development laws to streamline approval processes for economic impact plans and clarify tax increment financing.

SB1271 amends Tennessee Code to facilitate the approval of economic impact plans by allowing municipalities to approve minor amendments without additional public hearings. The bill also clarifies that certain tax increment revenues can be secured or payable only from tax increment revenues. It further specifies that economic impact plans can include provisions for multifamily housing developments, including affordable and workforce housing for low-to-moderate-income, elderly, or handicapped persons. The bill takes effect upon becoming law.