Taxes, Ad Valorem - As introduced, creates the commercial development board; with respect to new commercial property developed by private entities in certain taxing jurisdictions, authorizes the private entities to enter into agreements for payments in lieu of ad valorem taxes and leases with the commercial development board. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title 9; Title 13; Title 48 and Title 67.

HB 544 creates a commercial development board to negotiate agreements where private developers pay reduced property taxes (called "PILOTs") instead of regular taxes for new commercial properties in qualifying areas. It applies to developers building new commercial properties in counties with high property tax rates (over $5.50 per $100 assessed value), limiting PILOT agreements to 10 years. The board collects these payments and distributes them to local governments, requiring annual reports on property values, lease terms, and tax allocations. This aims to incentivize development while maintaining local revenue streams through structured tax agreements.