Local Level Assistance and Incentives
The counties and municipalities within the STEP region may offer Tax Incremental Financing (TIF) and\or Local Payment in Lieu of Tax (PILOT).
The counties and municipalities within the STEP region may offer Tax Incremental Financing (TIF) and\or Local Payment in Lieu of Tax (PILOT).
A competitive grant available to Tennessee businesses seeking to strengthen their workforce. This program provides funding for skill upgrades, process improvements and training designed to retain full-time employees. By investing in training for current staff, companies reduce turnover, improve productivity and position themselves for sustainable growth.
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Through the Workforce Investment Network (WIN), Tennessee offers grants to offset the cost of training new employees directly on the job. This program contracts with businesses in the public, private and nonprofit sectors to provide eligible participants with valuable, hands-on experience. Employers benefit by lowering the expense of onboarding while ensuring new hires are trained to company standards.
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The FastTrack Job Training Assistance Program (FJTAP) provides direct financial support to companies creating net new full-time jobs in Tennessee. This discretionary program is highly customizable, allowing companies to design training plans that align with their specific workforce needs. Funds may cover everything from classroom instruction to on-the-job learning for advanced technical roles.
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The FastTrack Infrastructure Development Program (FIDP) offers discretionary grants to local governments to address essential infrastructure needs for new and expanding companies. Eligible projects may include water, sewer, natural gas, rail, electric power, telecommunications or roadway improvements – all critical to ensuring sites are business-ready.
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The FastTrack Economic Development Fund (FED) provides flexible support for expenses not covered under job training or infrastructure grants. This may include relocation costs, temporary office space, capital improvements or retrofitting existing facilities.
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The Job Tax Credit (JTC) is one of Tennessee’s most recognized business incentives. Companies creating at least 25 net new full-time jobs and investing $500,000 within 36 months can receive a credit of $4,500 per position. This credit applies against up to 50% of franchise and excise (F&E) tax liability in any given year, with the option to carry forward unused credits for up to 15 years.
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In addition to the standard JTC, Tennessee offers the Enhanced Job Tax Credit for companies locating or expanding in designated Tier 2, Tier 3 and Tier 4 Enhancement Counties. This credit can offset up to 100% of a company’s F&E tax liability, making it especially valuable for businesses investing in rural areas.
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The Industrial Machinery Tax Credit (IMTC) ranges from 1% to 10% and applies to the purchase, installation or repair of qualified industrial machinery. This credit reduces the cost of modernizing facilities or expanding production capacity.
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Through the State Industrial Access Road Program, Tennessee provides funding for roadway improvements that serve new or expanding industrial operations. This program ensures that businesses have reliable transportation infrastructure to move raw materials and finished goods.
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