[Effective until 7/1/2024]

(a) To fund the program, there is created within the state board for licensing contractors a Go Build Account, referred to in this chapter as “the account.” Amounts remaining in the account at the end of each fiscal year shall not revert to the general fund. Money in the account shall be invested by the state treasurer pursuant to title 9, chapter 4, part 6, for the sole benefit of the account.

Terms Used In Tennessee Code 4-41-105

  • Board: means the state board for licensing contractors, created by §. See Tennessee Code 4-41-102
  • Corporation: means a nonprofit corporation, which shall be properly incorporated under the laws of this state and approved by the United States internal revenue service as an organization that is exempt from federal income tax under Section 501(a) of the Internal Revenue Code ( Tennessee Code 4-41-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) A minimum of fifty percent (50%) of the total fiscal year fund balance resulting from contractor licensing revenue collected pursuant to title 62, chapter 6, part 1, after expenditures, shall be transferred by the board to the account, to be allocated to the corporation solely for the implementation, administration, and management of the program. This transfer shall occur on an annual basis in accordance with § 4-41-107.
(c) The board, in consultation with the corporation, may promulgate rules in accordance with the Uniform Administrative Procedures Act, compiled in chapter 5 of this title, for disbursing the funds for the program, as necessary, pursuant to subsection (b).
(d) There shall be participation and inclusion of the commissioner of labor and workforce development or the commissioner’s designee in the board’s administration and implementation of this chapter, including the provision of input from the commissioner or the commissioner’s designee related to labor market information, safety and health, and the development of performance metrics consistent with industry growth indicators.
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