Real Property - As enacted, expands the purposes for which monies in the wetland acquisition fund may be used. - Amends TCA Section 67-4-409. Companion bill has been assigned Public Chapter Number 441 by the Secretary of, the official text

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State f/Jenn&ssee

PUBLIC CHAPTER NO. 441

            SENATE BILL NO. 843

By Walley, Rose

Substituted for: House Bill No. 842

By Crawford, Barrett, Reeves, Eldridge, Cepicky, Shaw

AN ACT to amend Tennessee Code Annotated, Section 67-4-409, relative to taxes on transfers of
          realty.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

          SECTION 1. Tennessee Code Annotated, Section 67-4-409(9), is amended by deleting the
subsection and substituting instead:

(g) WETLAND ACQUISITION FUND.

          (1) Three and one-fourth cents (3.25¢) of the tax levied by subsection (a) shall
be credited to a special agency account in the state general fund known as the 1986
wetland acquisition fund; provided, that such funds are not obligated or expended to
acquire any interest in real property through condemnation or the power of eminent
domain. Except as provided in subdivisions (g)(2)-(4), expenditures from such fund
must only be made to implement and effectuate the purposes of title 11, chapter 14,
part 4. Funds deposited in such fund shall not revert at the end of any fiscal year, and
all interest accruing on investments and deposits of the fund not otherwise expended
shall be returned to and made a part of the fund.

          (2) If the fund balance exceeds six million dollars ($6,000,000) during a
monthly financial period, the fund may be expended to maintain and enhance state-
owned property that is under the Tennessee wildlife resources agency's jurisdiction.

         (3) If the fund balance exceeds six million dollars ($6,000,000) during a
monthly financial period, the fund may be expended for law enforcement personnel
salaries, benefits, and other expenses necessary to carry out their duties as
prescribed in title 69, chapter 9, and title 70.

         (4) The commissioner of finance and administration, with the written approval
of the executive director of the Tennessee wildlife resources agency, is authorized,
subject to legislative appropriation, to transfer funds from the 1986 wetland
acquisition fund to the Tennessee heritage conservation trust fund, created in title 11,
chapter 7, part 1. For the purposes of § 11-7-103(h), "other available sources" also
shall not include any funds transferred to the Tennessee heritage conservation trust
fund from the 1986 wetland acquisition fund pursuant to this subdivision (g)(4).

SECTION 2. This act takes effect July 1, 2025, the public welfare requiring it.
               SENATE BILL NO. 843

PASSED:        April 21, 2025

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                               '           RANDYlvicNALLY

                                  SPEAKER OF THE SENATE

                               CAMERON~EXTON,SPEAKER

                               HOUSE OF REPRESENTATIVES

APPROVED this  ~dayof          , Mo. ,/\   2025

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                       BILL LEE, GOVERNOR