Tennessee § 67-5-224 - Exemption for charitable or nonprofit organizations engaged in economic development.

§ 67-5-224. Exemption for charitable or nonprofit organizations engaged in economic development.

Subject to the general requirements of § 67-5-212, real and tangible personal property owned and used by a nonprofit economic and/or charitable development organization shall be eligible for property tax exemption as a charitable use of property where the provisions of this section are met. Real and tangible personal property owned by a nonprofit entity, whether charitable or otherwise, which entity is recognized as tax exempt by the internal revenue service and is engaged in economic development, shall be eligible for property tax exemption to the extent such property is used to provide small business counseling and/or shared office and information systems infrastructure for small business development. Tangible personal property owned by a nonprofit charitable organization shall likewise be eligible for property tax exemption to the extent it is used to provide counseling, informational and technical assistance to other charitable organizations in applying for grants. Any owner of real or personal property claiming exemption under this section shall be required to file an application for exemption with the state board of equalization on the same form and in the same manner prescribed in § 67-5-212(b). This section shall only apply to counties containing a national laboratory facility or counties immediately adjacent to such counties. Acts 2000, ch. 938, § 1. Compiler's Notes. Acts 2000, ch. 938, § 3, provided that that act, which added this section and amended § 67-5-212 , shall take effect June 21, 2000, the public welfare requiring it, and shall apply to applications or appeals pending before the state board of equalization on June 21, 2000. Any application or appeal pending on June 21, 2000, seeking exemption of property used for the purposes described in this section may be amended to reflect a change in ownership of the property if such amendment is filed with the board within ninety (90) days from June 21, 2000. Any organization which has an application or appeal pending before the board on June 21, 2000, has ninety (90) days from June 21, 2000 to provide evidence of compliance with the terms of the act. The executive secretary of the board may extend this ninety-day period for an additional ninety (90) days.