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Tennessee increases competitiveness with new and expanded tax credits

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Effective July 1, 2015, Tennessee has enacted several significant changes to available credit programs while adding a new tax credit. H.B. 291 eliminates existing, underutilized tax credits, and expands the scope of the job creation tax credit and the sales and use tax exemption for industrial machinery. H.B. 1026 enacts a new community resurgence job tax credit for businesses located in high-poverty areas. Further, H.B. 291 adds periodic oversight of the state tax credit programs.

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