Tennessee Statutes
§ 13-30-116 — Exemption from state taxes - Payment of unpaid taxes - Proceeds of sales - Revenue
Tennessee·Title 13
(a)In accordance with §§ [former] 67-5-2505 [repealed], 67-5-2507, 67-5-2508, [former] 67-5-2509 [repealed], and [former] 67-5-2514 [repealed], the corporation is exempt from any state taxation.
(b)Additionally, the corporation has the power to pay any unpaid taxes due and owing by the owner of record of the real property, or make any government mandated improvements to the property.
(c)All proceeds from the sale of real property held in the land bank shall be returned to the corporation.
(d)All corporate revenue shall be held by the board of directors, and proceeds shall only go to furthering the aims of the acquisition and/or resale of real property by the corporation for the land bank.
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Tennessee § 13-30-116 (Exemption from state taxes - Payment of unpaid taxes - Proceeds of sales - Revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by 2024 Tenn. Acts, ch. 967,s 11, eff. 5/21/2024. Acts 2012, ch. 1096, § 1.
Nearby Sections
15
§ 13-10-101
Chapter definitions§ 13-10-102
Functions of commissioner§ 13-10-104
Authority of commissioner to inspect property and records and conduct investigations and hearings§ 13-10-107
State financial assistance - Contingencies§ 13-10-109
Financial assistance - Approved sources§ 13-10-201
Responsibility for implementation§ 13-10-202
Financial and legal independence§ 13-10-203
Enforcement authority§ 13-10-204
Confidentiality of information§ 13-10-205
Audits and reporting§ 13-10-206
Authority to adopt policies and regulations§ 13-11-101
Short title§ 13-11-102
Purpose§ 13-11-103
Chapter definitions