Tennessee § 9-23-104 - Time limitations on allocations.

§ 9-23-104. Time limitations on allocations.

Notwithstanding any tax increment statute or any plan to the contrary, no allocation of tax increment revenues shall be made with respect to any property for a period of more than twenty (20) years in the case of an economic impact plan, or thirty (30) years in the case of a redevelopment plan or community redevelopment plan as defined in § 9-23-102 , unless both the commissioner and the comptroller have made a written determination that a longer period is in the best interest of the state. If the written determination approving or declining the longer term is not rendered within thirty (30) days, the longer term is deemed approved. Acts 2012, ch. 605, § 2. Compiler's Notes. Acts 2012, ch. 605, § 6 provided that the CRA Act, which is the Community Redevelopment Act of 1998, as amended, being chapter 987 of the Public Acts of 1998, which act has not been codified, is hereby amended to add the following as a new section: “In the event of any conflict between the provisions of this act and title 9, chapter 23, the provisions of title 9, chapter 23 shall control.” Acts 2012, ch. 605, § 8 provided that the act, which enacted this chapter, shall not apply to a plan, or any amendment to such plan, for which required public hearings were conducted prior to March 21, 2012, without the concurrence of the tax increment agency, all affected taxing agencies, and the holders of any indebtedness secured by the tax revenues allocable pursuant to the plan.