Economic and Community Development

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Economic and Community Development

Present law establishes a 22-member board of directors for the Tennessee technology development corporation, which includes the following 21 appointees: (1) Three representatives of the private sector appointed by the governor; (2) Two representatives of the private sector appointed by the speaker of the house of representatives (3) Two representatives of the private sector appointed by the speaker of the senate; (4) Seven representatives from the private sector nominated by the board of directors' nominating committee and approved by majority vote of the board of directors; (5) Three representatives of the public sector appointed by the governor; (6) Two representatives of the public sector appointed by the speaker of the house of representatives; and (7) Two representatives of the public sector appointed by the speaker of the senate.

What This Bill Does

• Present law establishes a 22-member board of directors for the Tennessee technology development corporation, which includes the following 21 appointees: (1) Three representatives of the private sector appointed by the governor; (2) Two representatives of the private sector appointed by the speaker of the house of representatives (3) Two representatives of the private sector appointed by the speaker of the senate; (4) Seven representatives from the private sector nominated by the board of directors' nominating committee and approved by majority vote of the board of directors; (5) Three representatives of the public sector appointed by the governor; (6) Two representatives of the public sector appointed by the speaker of the house of representatives; and (7) Two representatives of the public sector appointed by the speaker of the senate.
• Effective July 1, 2026, this bill vacates and reconstitutes the board as a 12-member board that includes the following 11 appointees: (1) Three representatives of the private sector appointed by the governor; (2) Two representatives of the private sector appointed by the speaker of the house of representatives; (3) Two representatives of the private sector appointed by the speaker of the senate; (4) Two representatives of the public sector appointed by the governor; (6) One representative of the public sector appointed by the speaker of the house of representatives; and (7) One representative of the public sector appointed by the speaker of the senate.
• The full text of this bill specifies various organizational and administrative requirements for the reconstituted board, which are substantially similar to the present law requirements for the board.
• This bill extends the Tennessee technology development corporation to June 30, 2028.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

Present law establishes a 22-member board of directors for the Tennessee technology development corporation, which includes the following 21 appointees:

(1) Three representatives of the private sector appointed by the governor;

(2) Two representatives of the private sector appointed by the speaker of the house of representatives

(3) Two representatives of the private sector appointed by the speaker of the senate;

(4) Seven representatives from the private sector nominated by the board of directors' nominating committee and approved by majority vote of the board of directors;

(5) Three representatives of the public sector appointed by the governor;

(6) Two representatives of the public sector appointed by the speaker of the house of representatives; and

(7) Two representatives of the public sector appointed by the speaker of the senate.

Effective July 1, 2026, this bill vacates and reconstitutes the board as a 12-member board that includes the following 11 appointees:

(1) Three representatives of the private sector appointed by the governor;

(2) Two representatives of the private sector appointed by the speaker of the house of representatives;

(3) Two representatives of the private sector appointed by the speaker of the senate;

(4) Two representatives of the public sector appointed by the governor;

(6) One representative of the public sector appointed by the speaker of the house of representatives; and

(7) One representative of the public sector appointed by the speaker of the senate.

The full text of this bill specifies various organizational and administrative requirements for the reconstituted board, which are substantially similar to the present law requirements for the board.

This bill extends the Tennessee technology development corporation to June 30, 2028.

ON MARCH 30, 2026, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2178, AS AMENDED.

AMENDMENT #1 makes the following changes:



Increases the number of members on the reconstituted board of directors from 12 to 15 members.


Increases the number of board members that must be appointed from the private sector from seven to 10. Two such members must be appointed by the governor; one must be appointed by the speaker of the house of representatives; one must be appointed by the speaker of the senate; and six must be nominated and approved by the board of directors. For the six, e
ach of the nominees must be approved by a majority vote of the board of directors.



Requires the appointing authorities to strive to ensure the board members equally represent persons from each of the three grand divisions of this state.


Requires the board of directors to meet four times per calendar year and the executive committee to meet as needed.

Current Bill Text

SENATE BILL 2316
By Watson

HOUSE BILL 2178
By Lafferty
HB2178
012156
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 4,
relative to the Tennessee technology development
corporation.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 4-14-203, is amended by deleting the
section and substituting:
(a) Effective July 1, 2026, the Tennessee technology development corporation is
vacated and reconstituted in accordance with subsections (b) through (j).
(b) A twelve-member board of directors shall govern the corporation.
(c) Seven (7) members of the board of directors shall represent and be
appointed from the private sector, as follows:
(1) The governor shall appoint three (3) private sector representatives;
(2) The speaker of the house of representatives shall appoint two (2)
private sector representatives; and
(3) The speaker of the senate shall appoint two (2) private sector
representatives.
(d) Four (4) members of the board of directors shall represent and be appointed
from the public sector, as follows:
(1) The governor shall appoint two (2) public sector representatives, one
of whom shall be selected from lists of qualified persons submitted by interested
municipal and county organizations, including, but not limited to, the Tennessee
municipal league and the Tennessee county services association. The governor
shall consult with such interested organizations in making the appointment;

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(2) The speaker of the house of representatives shall appoint one (1)
public sector representative; and
(3) The speaker of the senate shall appoint one (1) public sector
representative.
(e) The commissioner of economic and community development shall serve as
an ex officio member of the board of directors.
(f) The board of directors shall elect a chair, vice chair, secretary, and such other
officers as it deems necessary from among its members.
(g)
(1)
(A) Two (2) representatives of the private sector and one (1)
representative of the public sector appointed by the governor shall each
serve initial terms of three (3) years.
(B) One (1) representative of the private sector and the
representative of the public sector appointed by the speaker of the house
of representatives shall each serve initial terms of three (3) years.
(C) One (1) representative of the private sector and the
representative of the public sector appointed by the speaker of the senate
shall each serve initial terms of three (3) years.
(2)
(A) One (1) representative of the private sector and one (1)
representative of the public sector appointed by the governor shall each
serve initial terms of four (4) years.

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(B) One (1) representative of the private sector appointed by the
speaker of the house of representatives shall serve an initial term of four
(4) years.
(C) One (1) representative of the private sector appointed by the
speaker of the senate shall serve an initial term of four (4) years.
(3) After the initial appointments under subdivisions (g)(1) and (2) expire,
all terms are for four (4) years, which begin on July 1 and expire on June 30 of
each applicable year.
(4) Board members are eligible to serve successive terms if reappointed
by the original authority.
(h) The board of directors shall appoint an executive committee of five (5) of its
members to administer the day-to-day operations of the corporation. The chair of the
corporation shall also serve as the chair of the executive committee.
(i) The board of directors shall not meet more than eight (8) times in a calendar
year. The executive committee shall not meet more than four (4) times in a calendar
year.
(j) The board of directors shall adopt and implement a conflict of interest policy
for board members. The policy must mandate annual written disclosures of financial
interests, other possible conflicts of interest, and an acknowledgement by board
members that they have read and understand all aspects of the policy. The policy must
also require persons who are to be appointed to the board of directors to acknowledge,
as a condition of appointment, that they are not in conflict with the conditions of the
policy.
SECTION 2. Tennessee Code Annotated, Section 4-29-248(a), is amended by deleting
subdivision (57).

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SECTION 3. Tennessee Code Annotated, Section 4-29-249(a), is amended by inserting
the following as a new subdivision:
( ) Tennessee technology development corporation, created by § 4-14-201;
SECTION 4. This act takes effect upon becoming a law, the public welfare requiring it.