As introduced, prohibits a municipality, or an instrumentality of a municipality, from taking an action that affects or has the potential to affect the tax obligations, fees, or other costs for real property owners whose property is located outside of a municipality's corporate boundary, unless the action is approved by the county legislative body in which such property is located; requires the membership of joint economic and community development boards to proportionately represent the citizenry over which the board exercises jurisdiction by July 1, 2029. - Amends TCA Title 5 and Title 6.