Bill Restricting Foreign Ownership Of Property In TN Moving Forward Again In Finance Subcommittee
Image Credit: Brian Stansberry / CC
The Tennessee Conservative [By Paula Gomes] –
A bill protecting Tennessee sovereignty that was placed behind the budget on March 8, 2023 – action that typically means a bill is dead for the session – is moving forward once more.
House Bill 0040 (HB0040) sponsored by Rep. Jay Reedy (R-Erin-District 74) prohibits foreign persons and entities from acquiring Tennessee real estate if they belong to a country on the United States sanctioned countries list.
Real estate already owned by a sanctioned country prior to July 1st, 2023, would retain ownership of the property but would be required to register with the Secretary of State (SOS.)
Every year, we see good bills that are placed behind the budget because they come with a fiscal note. Depending on the size of that note, and what is on the Governor’s proposed budget in any given year, important legislation can get overlooked in favor of funding other bills.
The fiscal note for HB0040 is required because the SOS will need to build a new reporting system to keep track of these particular real estate transactions.
The creation of this system is estimated to be somewhere around $80 thousand. The cost of maintenance is estimated at around $2,000 annually.
One of the main ways that the U.S. Government accomplishes important foreign policy and national security goals is through sanction programs that block assets and/or restrict trade.
HB0040 is scheduled to be heard in the Finance, Ways, and Means Subcommittee on April 18th, 2023.
If you want to support this legislation, you may use the information provided below to contact the representatives that make up the subcommittee.
Rep. Gary Hicks (R) – Chair – rep.gary.hicks@capitol.tn.gov – (615) 741-7480
Rep. Charlie Baum (R) – rep.charlie.baum@capitol.tn.gov – (615) 741-6849
Rep. Scotty Campbell (R) – rep.scotty.campbell@capitol.tn.gov – (615) 741-2050
Rep. Karen Camper (D) – rep.karen.camper@capitol.tn.gov – (615) 741-1898
Rep. Mark Cochran (R) – rep.mark.cochran@capitol.tn.gov – (615) 741-1725
Rep. Jeremy Faison (R) – rep.jeremy.faison@capitol.tn.gov – (615) 741-6871
Rep. Johnny Garrett (R) – rep.johnny.garrett@capitol.tn.gov – (615) 741-3893
Rep. David Hawk (R) – rep.david.hawk@capitol.tn.gov – (615) 741-7482
Rep. Patsy Hazlewood (R) – rep.patsy.hazlewood@capitol.tn.gov – (615) 741-2746
Rep. Harold Love (D) – rep.harold.love@capitol.tn.gov – (615) 741-3831
Rep. Jerome Moon (R) – rep.jerome.moon@capitol.tn.gov – (615) 741-5481
Rep. Johnny Shaw (D) – rep.johnny.shaw@capitol.tn.gov – (615) 741-4538
Rep. Sam Whitson (R) – rep.sam.whitson@capitol.tn.gov – (615) 741-1864
Rep. Ryan Williams (R) – rep.ryan.williams@capitol.tn.gov – (615) 741-1875
About the Author: Paula Gomes is a Tennessee resident and reporter for The Tennessee Conservative. You can reach Paula at paula@tennesseeconservativenews.com.
