AN ACT to amend Tennessee Code Annotated, Title 4; Title 5; Title 6; Title 7; Title 9; Title 13; Title 48 and Title 67, relative to property tax incentives to encourage economic and community development.

As introduced, creates the commercial development board; with respect to new commercial property developed by private entities in certain taxing jurisdictions, authorizes the private entities to enter into agreements for payments in lieu of ad valorem taxes and leases with the commercial development board. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title 9; Title 13; Title 48 and Title 67.