Tennessee Business Resource

The “Jobs4TN” plan is a Tennessee business resource meant to promote growth industries, establish nine regional “jobs base camps,” and reduce regulations that get in the way of job growth. The plan includes the INCITE initiative, a $50 million project to increase the state’s innovation by providing start-up companies with access to needed capital.

To help grow the state’s manufacturing base, certain businesses in Tennessee are not required to pay sales tax on qualified machinery and industrial equipment. Manufacturers also can receive sales-tax reductions on energy, fuel, and water, as well as carry forward net operating losses for 15 years.

The state’s Job Tax Credit offers a Tennessee business resource in the form of relief from franchise and excise taxes. Companies that create at least 25 jobs in a year and meet minimum investment levels can claim a tax credit of up to $4,500 per job. The credits can then be used to offset up to 50 percent of the business’s tax liability. If unused, the business can carry the credit forward up to 15 years for future tax relief.

As a Tennessee business resource for larger industries, the Job Tax Super Credit offers companies creating at least 100 jobs at specified wage standards up to a $5,000 tax credit per job, which can be used to offset up to 100 percent of the companies tax liability and carried forward for up to 20 years.