Updated: |
Secretariat > Reports, May 30, 2003 > Table of contents
Secretariat
U.S. State Programs for New Investments
Available Investment Programs
Tennessee
Taxes
- New or expanding companies can receive income tax credits equal
to 1% of costs resulting from purchase, installation, or repair of
industrial machinery - total tax credit for one year cannot exceed
50% of company's tax obligation.
- New or expanding companies can receive franchise tax credits of
US$2,000 per new full-time employee, or US$3,000 in economically depressed
counties - franchise tax is based on issued and outstanding stock,
surplus and undivided profits apportioned to Tennessee at the end
of the fiscal year - at minimum 25 new jobs must be created and US$500,000
invested.
- There are no franchise taxes on finished goods inventory if over
US$30 million, property under construction, and property built to
comply with pollution regulations.
- There are no property taxes on finished goods, goods in process,
inventories, goods in transit, or pollution control equipment.
- Exemptions from sales and use taxes on purchase or repair of industrial
equipment and machinery, materials, and pollution equipment - in addition,
sales tax is reduced on energy, fuel, and water used by manufacturers.
- No state personal income tax on employee wages or salaries.
Employee Training
- The Tennessee Department for Employment Security and the Tennessee
Industrial Training Service work together to assist companies in recruiting
and training new employees at no cost to the employer.
- The Tennessee Department of Economic and Community Development offers
pre-employment training, on-the-job training, and "train the trainer"
programs at no cost the employer.
Financing
- The Tennessee Industrial Infrastructure Program offers free grants
to new and expanding companies for the sole purpose of assisting in
site improvements and associated infrastructure improvements required
for conducting business activities in the selected area.
- Industrial Revenue Bond Financing is available to new and expanding
companies for the purpose of acquiring land or equipment.
< Table of Contents | Kentucky >
|
