Despite the challenges of the pandemic, the Volunteer State maintained a spirit of resiliency as its government and citizens worked to rebuild the economy. One promising area is in electric vehicles. The state is now home to three OEMs and over 900 suppliers in an automotive industry that employs more than 123,000 residents. Tennessee now produces more than 16,000 electric vehicles annually.
Fasttrack Job Training Assistance Program: Offers grants to assist new or expanding companies to fund training for new employees.
Fasttrack Economic Development Fund: Offers a grant to offset costs for eligible companies expanding or locating a business in Tennessee.
Job Tax Credit: Offers a credit of $4,500 per job to offset up to 50% of franchise and excise (F&E) taxes in any given year, with a carry forward for up to 15 years.
Industrial Machinery Tax Credit: Offers a credit of up to 10% for the purchase, third-party installation and repair of qualified industrial machinery.
Launch Tennessee celebrates its 10th anniversary in 2022. It’s a public-private partnership with the goal to make Tennessee the most startup-friendly state in the country. The organization makes resources accessible to startups with the mission to stimulate the statewide economy by helping entrepreneurs get access to the capital and tools they need to build their client or customer base.
10 Fortune 500 companies have headquarters in the state: