Tennessee Direct Financial Incentives 2014
Tennesse's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment.
Area Development Research Desk (Q1 2014)
Through the Fast Track Infrastructure Development Program (FIDP), grant funds are allocated to assist local governments in providing public infrastructure to support new or expanding industry. The following types of public activities are eligible: water systems, wastewater systems, fiber delivery projects, transportation projects, site improvement, or other specific public infrastructure improvements required to support economic growth. Grants are typically limited up to a maximum of $750,000 with amounts determined for individual projects. The Commissioner of Economic and Community Development is required to review and approve grants requests exceeding $750,000.
Economic development fund:
The new FastTrack Economic Development Fund expands Tennessee’s current FastTrack infrastructure and job training program by providing additional grant support for companies expanding or locating in Tennessee with reimbursable grants made to local industrial development boards. The fund aids companies in a variety of ways, including relocation expenses, temporary office space, capital improvements, retrofitting and other expenditures not previously covered by the current FastTrack infrastructure or job training grants. Legislation stipulates that the FastTrack Economic Development Fund will only be used in exceptional cases where the impact of the company on a given community is significant.
New hire training assistance:
The FastTrack Job Training Assistance Program (FJTAP) provides training assistance as a grant incentive to attract new investment and to encourage existing business and industry to make additional investments in Tennessee. The training assistance is customized to each company's individual training needs.
Levels of training assistance are determined by the amount of the company's investment, number of new hires, location, and the skills and knowledge that must be possessed by the prospective or newly hired employees. A customized training plan can be developed in direct coordination with company personnel. The training is postemployment.
Reimbursement of instructional cost by company personnel and selected vendors is eligible for support. The expense of travel, for the purpose of training, is a viable option for the training of new hires and persons who will serve as company instructors. Job-based training reimbursement offers assistance to new hires through payroll submissions from the company in designated time periods, based on the size of the assistance needed.
Historically, manufacturing, warehousing/distribution, and service-related industries including back office, financial, and telecommunications can be assisted.
Tennessee State Contact:
Department of Economic and Community Development
Business Development Division
William Snodgrass/TN Tower, 27th Fl.
312 Rosa L. Parks Ave.
Nashville, TN 37243-0405
Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.