On Tuesday, a bill to restrict foreign ownership of property within the state of Tennessee was recommended for passage by the House Local Government Committee.
House Bill 0040 (HB0040) is sponsored by Rep. Jay Reedy (R-Erin-District 74). Corresponding Senate Bill 0122 (SB0122) is sponsored by Sen. Frank Niceley (R-Strawberry Plains-District 8) and has yet to receive committee assignment at this time.
This legislation would prohibit non-residential aliens, foreign businesses, foreign governments and their agents, trustees, or fiduciaries, from acquiring real estate in Tennessee only if their respective country appears on the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Sanctions Programs and Country Information List.
So long as a country remains on this list, they would not be able to buy property in Tennessee. However, if a country rolls off the list, their purchasing ability would be reinstated.
During the bill hearing on February 28th, Rep. Reedy spoke on HB0040 saying, “It’s protecting Tennessee sovereignty from these foreign entities.”
