House Committee Kills Legislation To Restrict Foreign Ownership Of TN Property Due To Lack Of Funding

Image: Bill Sponsor Rep. Jay Reedy presents HB0040 to the House Finance, Ways & Means Subcommittee. Image Credit: capitol.tn.gov

The Tennessee Conservative [By Adelia Kirchner] –

Yesterday, March 8, 2023, Tennessee House members killed a bill that would have restricted foreign ownership of property within the state, protecting Tennessee sovereignty and supporting U.S. foreign policy decisions. 

House Bill 0040 (HB0040) sponsored by Rep. Jay Reedy (R-Erin-District 74) would have prohibited foreign persons and entities from acquiring Tennessee real estate if their respective country was on the United States sanctioned countries list.

New Creations Construction
CLICK HERE FOR MORE INFO!

In addition, if real estate was already owned by a sanctioned country prior to July 1st, 2023, they would still own that property, but it would have to be registered with the Secretary of State (SOS).

To sustain this aspect of the legislation, the SOS would need to build a reporting system for real estate property transactions. 

Read more about the intent of this legislation here.

According to the fiscal note for HB0040, the estimated cost for creation of this system would be somewhere around $80,000 with an annual maintenance cost of around $2,000 in subsequent years.

2023 Annual Campaign
Like what we’re doing & want us to stick around? Donate Today!

Despite there being no other estimated expenses associated with this bill, HB0040 was quickly moved “behind the budget” without any discussion from the Finance, Ways, and Means Subcommittee during their meeting on Wednesday.

This essentially means the bill is now dead in the water. Each year the legislature considers the Governor’s proposed budget, and important legislation often tends to slip “behind the budget” in favor of funding other things. 

CLICK HERE TO LISTEN IN NOW!

Sanction programs that block assets and/or restrict trade are one of the main ways that the U.S. Government accomplishes important foreign policy and national security goals. 

With HB0040 no longer in consideration, sanctioned countries will remain perfectly capable of purchasing and maintaining ownership of property all across the state of Tennessee.

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.

8 thoughts on “House Committee Kills Legislation To Restrict Foreign Ownership Of TN Property Due To Lack Of Funding

  • March 9, 2023 at 6:32 pm
    Permalink

    This says a lot. They will not spend a few dollars to protect TENN. and America from Foreign ownership of our land and be held hostage in the future!! These Companies and Politicians will SELL America out for a Dollar. This is Chumb change for what Tenn. is spending on these white Elephant Sports Stadiums!! Priorities are pretty mixed up??

    Reply
  • March 9, 2023 at 6:41 pm
    Permalink

    Headline: TN House Subcommittee Passes Bill Prohibiting Local Government Funded Abortions

    Take $90K savings from this and fund the new software and “upkeep” for keeping China and other Rouge states from buying a part of Tennessee. Fixed it for you.

    Reply
  • March 9, 2023 at 7:00 pm
    Permalink

    Sports stadiums should be paid for by the multimillion dollar teams using them Our lands should not be sold to unfriendly people and nations. Simple solution for already sold lands is eminent domain seizures. Eminent domain is used against Americans why not foreign buyers? Low cost solution

    Reply
  • March 9, 2023 at 7:05 pm
    Permalink

    No outside country should be able to purchase any property in our country anywhere. There’s a sinister agenda behind it as we know. I oppose selling property to our enemies, any land in America. This bill should be reinstated, along with closing the boarders to stop this free reign of terrorism coming through our boarders. China hoarding food, buying up our land, , truck loads of food going underground here, while they continue this destruction in a catastrophic way, that is, if not stopped. This is an emergency and time is if the essence. Thanks BT

    Reply
  • March 9, 2023 at 8:51 pm
    Permalink

    Hicks needs gone.

    Reply
    • March 14, 2023 at 1:13 pm
      Permalink

      Most all of our politicians are sell outs, they never do what is right for the people or the nation.

      Reply
  • March 9, 2023 at 9:58 pm
    Permalink

    The governor’s office is against this I’m sure, AND he is against HB726, the Nullification act which will give lawmakers review of ANY federal acts by and through the constitution FIRST. WRITE THE COMMITTEES hearing this bill next week, both House and Senate. Help protect Tennessee.

    Reply
  • March 10, 2023 at 2:30 am
    Permalink

    How do we get this bill back up for a vote? It too important for our future to let it die over $80,000….

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *