AN ACT to amend Tennessee Code Annotated, Title 4, relative to the Tennessee technology development corporation.

New board rules for Tennessee technology corporation

Beginning July 1, 2026, the law replaces the Tennessee technology development corporation’s board with a new 15-member board. It includes 10 private-sector members, four public-sector members, and the commissioner of economic and community development. The governor appoints two private-sector and two public-sector members. The House and Senate speakers each appoint one private-sector and one public-sector member. A board committee nominates six private-sector members, each requiring approval by a majority of the board. One governor-appointed public-sector member must come from lists supplied by municipal and county organizations, after consultation with those organizations. Appointing authorities must seek equal representation from Tennessee’s three main regions. Initial terms last three or four years, depending on the seat. Later terms last four years, running from July 1 through June 30, and renewal requires the original appointing authority’s approval. The board elects a chair, vice chair, secretary, and any other needed officers from its members. It appoints a five-member executive committee to run daily operations, led by the board chair. The board must meet four times each calendar year, including at least once in person; the committee meets as needed. The board must adopt and enforce a conflict-of-interest policy. Members must disclose financial interests and possible conflicts in writing each year and confirm they read and understand the policy. Appointees must confirm they have no conflict under the policy before appointment. Upon becoming law, the act also moves the corporation between two state sunset-review lists. These changes create no direct household payment, tax change, or benefit.