SB1760

SB1760 amends Tennessee Code to redefine taxpayer agreements and liens related to tax increment financing.

SB1760 amends Tennessee Code to redefine "taxpayer agreement" as a contract where property owners guarantee bonds or lease obligations of a tax increment agency. It also defines "taxpayer agreement lien" as a lien treated like property taxes. The bill allows taxpayer agreements to include specific requirements for delinquent payments and lien enforcement. It prohibits acceleration of payments due to entering into a taxpayer agreement and mandates that taxpayer agreement liens take priority over other liens. The act applies to agreements entered into after its effective date.