Substituted for: House Bill No. 1912

AN ACT To amend Tennessee Code Annotated, Title 7, Chapter 53, Part 3, relative to the operation and powers of industrial development corporations, regarding the limit on payments in lieu of taxes for certain projects located in a Central Business Improvement District.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 7-53-305(b), is amended by deleting therefrom the following sentence:

Notwithstanding the above provisions, the amount payable in lieu of taxes by hotel and motel lessees, ten (10) years after completion of the project on leased property shall be not less than the ad valorem taxes otherwise due and payable upon the current fair market value of the property.

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.