Comptroller, State - As enacted, adds to the list of companies for which the comptroller of the treasury may assess for taxation, and for state, county, and municipal purposes, all of the properties within the state owne, the official text

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                              PUBLIC CHAPTER NO. 649

                                                    SENATE BILL NO. 1673

                                                 By Johnson, Yager, Reeves

                                            Substituted for: House Bill No. 1515

                                                  By Marsh, Lamberth, Love

AN ACT to amend Tennessee Code Annotated, Title 4; Title 8; Title 9; Title 66 and Title 67, relative
          to state assessed properties.

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

          SECTION 1. Tennessee Code Annotated, Section 67-5-1301 (a), is amended by deleting
subdivision (11) and substituting instead:

                    (11) Motor bus and/or truck companies, which do not include towing companies, and
          which are:

                              (A) Companies that operate commercial motor vehicles exclusively authorized
                    for hire holding United States department of transportation registrations issued by this
                    state through the performance and registration information systems management
                    (PRISM) or the federal motor carrier safety administration (FMCSA), including those
                    owner operators who operate under the motor bus and/or truck company's motor
                    carrier authority, and that:

                                        (i) Are domiciled in this state;

                                        (ii) Own or lease real or personal property located in this state; or

                                        (iii) Meet subdivisions (a)(11 )(A)(i) and (ii); or

                              (B) Subsurface passenger transit companies that:

                                        (i) Operate vehicles primarily through subsurface tunnels or below-
                              ground conduit tunnel systems;

                                        (ii) Own and operate the subsurface tunnels or below-ground conduit
                              tunnel systems that are used for passenger transit;

                                        (iii) Own, use, or lease the vehicles that are used for transporting
                              passengers through the subsurface tunnels or below-ground conduit tunnel
                              systems; and

                                        (iv) Are engaged in the business of transporting passengers through
                              subsurface tunnels or below-ground conduit tunnel systems;

          SECTION 2. Tennessee Code Annotated, Section 67-5-1308, is amended by designating the
existing language as new subsection (a) and adding the following as a new subsection (b):

                    (b) In addition to the information required by subsection (a), the schedules and
          statements submitted by subsurface passenger transit companies must include:

                              (1) A listing of all tangible personal property that the company owns, uses, or
                    leases in the operation of its business;
SB 1673
                              (2) A description, including the location and the length in miles, of all conduit

                    tunnels and stations owned by the company;
                              (3) The total direct and indirect costs associated with making the company

                    operational; and
                              (4) Any other information that the comptroller of the treasury may reasonably

                    require.
          SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.

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         SENATE BILL NO. 1673

PASSED:  March 16, 2026

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                         '                 RANDY M\NALLY

                                   SPEAKER OF THE SENATE

                            CAM!!J\011 SEXTON, SPEAKER
                            HOUSE OF REPRESENTATIVES

A-pr:\ APPROVED this r>"t- day of          2026

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                    =B-I-LL LEE, GOVERNOR