Bill To Restrict Foreign Ownership Of Property In Tennessee Passes In Committee
Image: Bill Sponsor Rep. Jay Reedy speaks about the legislation. Image Credit: capitol.tn.gov
The Tennessee Conservative [By Adelia Kirchner] –
Yesterday, a bill to limit foreign ownership of property within the state of Tennessee was recommended for passage after a voice vote by the House Property and Planning Subcommittee.
House Bill 0040 (HB0040) is sponsored by Rep. Jay Reedy (R-Erin-District 74) and the corresponding Senate Bill, SB0122, is sponsored by Sen. Frank Niceley (R-Strawberry Plains-District 8).
Read more about the legislation here.
During the subcommittee’s meeting on February 22nd, Rep. Reedy, opened discussion on the bill by thanking the legislature’s legal team and acknowledging support from a number of co-prime sponsors including Republican Representatives Hulsey, Warner, Vital, Raper and Fritts. On the Senate side, the legislation’s prime co-sponsor is Senator Janice Bowling (R-Tullahoma-District 16).
“There’s many fingerprints on this bill,” he said, “In the last two hours I’ve explained this a number of times and then when I finally get the explanation out, folks say, oh we’re okay with that.”
According to Rep. Reedy, the legislation effectively “prohibits sanctioned non-residential aliens, foreign businesses, foreign governments, or their agents, trustees, or fiduciaries, from acquiring real property in Tennessee if their respective country is on the Office of Foreign Assets Control [OFAC] of the U.S. Department of Treasury, Sanctions, Programs, and Country information list.”
These sanction programs administered by the OFAC typically use the blocking of assets and/or trade restrictions to accomplish foreign policy and national security goals maintained by the United States government.
Rep. Reedy also clarified that under this legislation no liability would be placed on any real estate licensees involved.
For those curious about what countries are on the list mentioned above and why they have been sanctioned by the United States, the U.S. Department of Treasury’s website keeps an updated version of the list on their website.
This list would be referenced for not only agricultural real estate, but commercial and residential property transactions as well.
No other legislators spoke on HB0040 in the subcommittee meeting, and the bill was passed on to the House Local Government Committee where it is scheduled to be heard on February 28th, 2023.
If you wish to express support for this legislation, contact the committee members prior to their meeting on February 28th. Contact information below.
Rep. John Crawford (R) -Chair – rep.john.crawford@capitol.tn.gov – (615) 741-7623
Rep. Dave Wright (R) – Vice Chair – rep.dave.wright@capitol.tn.gov – (615) 741-6879
Rep. Rebecca K. Alexander (R) – rep.rebecca.alexander@capitol.tn.gov – (615) 741-2251
Rep. Jeff Burkhart (R) – rep.jeff.burkhart@capitol.tn.gov – (615) 741-6804
Rep. Dale Carr (R) – Chair – rep.dale.carr@capitol.tn.gov – (615) 741-5981
Rep. Clay Doggett (R) – rep.clay.doggett@capitol.tn.gov – (615) 741-7476
Rep. Michael Hale (R) – rep.michael.hale@capitol.tn.gov – (615) 741-2192
Rep. Esther Helton-Haynes (R) – rep.esther.helton@capitol.tn.gov – (615) 741-1934
Rep. John B. Holsclaw (R) – rep.john.holsclaw@capitol.tn.gov – (615) 741-7450
Rep. Harold Love, Jr. (D) – rep.harold.love@capitol.tn.gov – (615) 741-3831
Rep. Greg Martin (R) – rep.greg.martin@capitol.tn.gov – (615) 741-2548
Rep. Sam McKenzie (D) – rep.sam.mckenzie@capitol.tn.gov – (615) 741-0768
Rep. Larry Miller (D) – rep.larry.miller@capitol.tn.gov – (615) 741-4453
Rep. Jerome Moon (R) – rep.jerome.moon@capitol.tn.gov – (615) 741-5481
Rep. Kevin D. Raper (R) – rep.kevin.raper@capitol.tn.gov – (615) 741-1350
Rep. Jay D. Reedy (R) – rep.jay.reedy@capitol.tn.gov – (615) 741-7098
Rep. Tim Rudd (R) – rep.tim.rudd@capitol.tn.gov – (615) 741-2804
Rep. Johnny Shaw (D) – rep.johnny.shaw@capitol.tn.gov – (615) 741-4538
Rep. William Slater (R) – rep.william.slater@capitol.tn.gov – (615) 741-2534
Rep. Robert Stevens (R) – rep.robert.stevens@capitol.tn.gov – (615) 741-3830
Rep. Dwayne Thompson (D) – rep.dwayne.thompson@capitol.tn.gov – (615) 741-1920
About the Author: Adelia Kirchner is a Tennessee resident and reporter for the Tennessee Conservative. Currently the host of Subtle Rampage Podcast, she has also worked for the South Dakota State Legislature and interned for Senator Bill Hagerty’s Office in Nashville, Tennessee. You can reach Adelia at adelia@tennesseeconservativenews.com.
