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SB 1672

Public Funds and Financing - As introduced, extends from 30 to 45 days, the period within which the commissioner of economic and community development and the comptroller must make a written determination approving or declining an allocation of tax increment revenues for a period longer than 20 years in the case of an economic impact plan, or 30 years in the case of a redevelopment plan or community redevelopment plan. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title 8; Title 9 and Title 67.

114th Regular Session (2025-2026)

Extends Tennessee tax increment financing approval review from 30 to 45 days for long-term economic development and redevelopment plan allocations.

Signed by Senate Speaker
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Bill Summary · SB 1672

Legislative bill overview

SB 1672 extends the review period for tax increment financing (TIF) approvals from 30 days to 45 days. This applies when the Commissioner of Economic and Community Development and the Comptroller evaluate allocations of tax increment revenues for extended periods (longer than 20 years for economic impact plans or 30 years for redevelopment plans). The bill modifies multiple sections of Tennessee Code Annotated across titles 4, 5, 6, 7, 8, 9, and 67.

Why is this important

Tax increment financing is a major tool for economic development and urban redevelopment, allowing communities to use future tax revenues from improved properties to fund current infrastructure and development projects. The 15-day extension provides state officials more time to thoroughly evaluate complex financial commitments that could obligate revenue streams for decades. This directly affects local governments' ability to launch redevelopment initiatives and impacts the timeline for economic development projects statewide.

Potential points of contention

  • Project delays: The extended review period may slow down economic development initiatives and redevelopment projects that depend on quick approval timelines, particularly for time-sensitive opportunities
  • Bureaucratic burden: Critics may argue the additional 15 days represents unnecessary government slowness, while supporters contend it enables more rigorous financial analysis of long-term commitments
  • Inconsistent application: The bill's amendments across seven different Tennessee Code titles suggests complex interactions; unintended consequences in how different agencies coordinate during the extended review period are possible

Compiled from official sources — confirm details with the bill’s official record.

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