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.

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.