Tennessee Advantages
Tennessee’s governor and Department of Economic and Community Development have made the creation of high-quality jobs one of their top priorities, with outstanding results. From July 2008 to February 2009 the state secured $3 billion in new investments. Companies are attracted to Tennessee in part because of the many incentives and advantages offered by the state to help promote business success:
Financial
- Numerous tax advantages and other financial incentives
- No personal income tax
- Industrial machinery tax credit of 1 percent
- Accelerated depreciation
- Consistently one of the lowest per capita taxed states in the nation
- Favorable workers’ compensation programs
- Among the lowest utility costs in the nation
Infrastructure
- Grant and loan programs such as the FastTrack Infrastructure Development Program
- Infrastructure and training grants up to $750,000
- Technical assistance for energy efficiency, environmental regulations, manufacturing technology, and other areas.
Workforce
The Tennessee Department of Economic and Community Development has teams of job development and recruitment specialists to assist new and existing businesses as well as communities. Its services include:
- Help with planning, developing, and implementing customized training
- Assistance in the recruitment of qualified job applicants
- Technical, financial, and management information to small, minority, and woman-owned businesses
- Community assistance with strategic planning and state and federal grants and loans
- Support for entrepreneurial efforts in the technology sector
- A broad range of energy-efficiency programs to business and industry
In addition to these state advantages, TVA Economic Development offers comprehensive business assistance services, including the following:
- Site location information through TVAsites.com, a comprehensive GIS-based database of properties and buildings that includes detailed demographic, community, and business reports.
- Financial assistance through loan programs designed to stimulate capital investment and job creation.
- Power usage credits available to expanding companies and various rate options to help businesses use power efficiently.
- Community development assistance that helps communities market their strengths, target suitable industries, and retain existing businesses.
- Technical assistance in the areas of engineering and design and economic research and analysis.