Public Chapter 254
SENATE BILL NO. 1559
Substituted for: House Bill No. 1429
AN ACTTo amend Tennessee Code Annotated, Section 13-20-205, relative to the assessment status of certain property of public housing authorities.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 13-20-205, is amended by adding the following at the end of subsection (f):
After June 1, 1997, the foregoing provisions of this subsection shall apply only to property financed with tax increment financing. Prior to such date, any property owned, constructed, or improved by the authority which is not financed through tax increment financing shall have the same tax status as all other property owned by the authority.
SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.