Incentives Available

Contact:  Tennessee Department of Economic and Community Development

STATE OF TENNESSEE

Fast Track Job Training Assistance Program (FJTAP) 

The Tennessee Department of Economic and Community Development will provide training assistance through its Fast Track Jobs Training program.  The program compliments a company's approach to training by reimbursing the cost of qualified expenses.  The State will work with a company to customize a training assistance program to fit the company's needs.  The support can include pre-employment training, orientation, formal classroom instruction, on-the-job training, vendor-delivered instruction and travel expenses related to training.  State training funds must go toward leadership time for the training of new full-time employees (30+ hours with benefits). 

Industrial Machinery Credit                                   

Tennessee offers manufacturers an Industrial Machinery Credit which offsets up to 50% of the total franchise and excise tax liability.  Any unused credit may be carried forward for up to 15 years.   

Credit is for purchase, installation, and/or repair of qualified industrial machinery price of as defined in T.C.A. 67-6-102 or computer and telephone equipment purchased in making the required capital investment for the jobs tax credit.  Note: The Industrial Machinery Credit is available whether the company is creating jobs or not.  

Industrial Machinery Reduced Sales Tax 

Based on a company's manufacturing process, a company may be eligible to reduce their sale's tax on utilities from 7% to 1.5%. 

Jobs Tax Credit 

In Tennessee, there is a $4,500 jobs tax credit against a company's Franchise Tax and/or Excise Tax liability for each new full-time (37.5 hours) employee hired.  Eligibility requires a minimum of 25 new employees and a $500,000 capital investment.  Note:  Sullivan County currently qualifies as a Distressed County and is eligible for the $4,500 per job allowance. 

The percentage of franchise and excise tax liability, which can annually be offset by credits, is 33 1/3%.  Unused credits, however, can be carried forward for 15 years. 

Property Tax

  • No State property tax
  • No tax on goods being manufactured (goods-in-process)
  • No tax on finished goods inventories
  • No tax on goods-in-transit

 Sales Tax

  • No sales tax on purchased of qualified manufacturing equipment and machinery
  • No sales tax on raw materials for processing
  • No sales tax on pollution control equipment 

 

CITY OF BRISTOL, TENNESSEE 

Local Real Estate Taxes and Personal Property Taxes 

Bristol Tennessee offers incentives for development and redevelopment projects through in-lieu agreements originating with the Bristol Tennessee Industrial Development Board and Tax Increment Financing agreements through the Bristol Tennessee Housing and Redevelopment Authority. Industrial and manufacturing projects may qualify for In-Lieu of Tax agreements covering land, buildings and personal property. (see Economic Development Incentive Program). Additionally, Tax Increment Financing is available for qualifying projects in designated Redevelopment Districts. (see Tax Increment Financing Policies and Procedures). Contact Mike Sparks for detailed questions.

BRISTOL TENNESSEE ESSENTIAL SERVICES 

Enhanced Growth Credit Program 

In partnership with TVA, BTES can provide a $6.00 credit per new kW on your electric bill each month for four years.  For more information, please see the Enhanced Growth Credit program brochure.