From the Governor
“The lives of Tennesseans are changed when quality jobs are created in our communities, and I’m focused on attracting good jobs and investment to rural Tennessee.” —Gov. Bill Lee
Volunteering to Grow
According to a report by the UT Boyd Center for Business and Economic Research, the Volunteer State’s economy is projected to experience solid growth in the coming years. Things are especially looking up in Nashville and Middle Tennessee where SmileDirectClub, EY and Pilot.com have announced investments in the past year.
Job Tax Credit: Offers up to $4,500 per job to offset up to 50% of franchise and excise taxes in any year with a carry forward of up to 15 years. Must create at least 25 jobs within three years and invest at least $500,000.
Industrial Machinery Tax Credit: Offers from 1% to 10% for the purchase, third-party installation and repair of qualified industrial machinery.
Sales and Use Tax Credits: Offers a credit for qualitied personal property purchased for a qualified headquarters facility.
Sales and Use Tax Exemptions: Offers exemptions for various equipment and machinery for manufacturing, warehouse/distribution, call centers, data centers and research and development activities.
Tennessee Department of Economic and Community Development: tnecd.com
Tennessee Valley Authority: tva.com/Economic-Development
Greater Chattanooga Economic Partnership: greaterchatt.com
The Memphis Economy: thememphiseconomy.com
Nashville Area Chamber of Commerce: nashvillechamber.com/economic-development
Knoxville-Oak Ridge Innovation Valley: knoxvilleoakridge.com
Highlighted Program or Initiative
Implemented in 2017, the state’s Drive to 55 program is striving towards having 55 percent of Tennesseans equipped with a college degree or certificate by the year 2025. The Tennessee Promise scholarship program helps more high school graduates attend college, and the Tennessee Connect program, which started in the fall of 2018, offers free tuition to community or technical colleges for those adults who do not already have an associate or bachelor degree.
- Lightning Source announced in June 2019 it will create nearly 150 jobs and invest $22 million at a facility in Nashville.
- Pilot.com announced in June 2019 it will create more than 450 jobs in Nashville.
- Mitsubishi Motors North America announced in June 2019 it will invest $18 million to move its U.S. headquarters to Franklin, bringing 200 jobs.
- Western Express announced in April 2019 it will create 225 jobs and invest $88 million in an expansion in Davidson County.
- SmileDirectClub announced in March 2019 it will invest $217 million to expand its headquarters and facilities in Middle Tennessee and expects to create more than 2,000 jobs.
- JNJ Express announced in February 2019 it will create 610 jobs and invest $83 million to expand in Memphis.
- Volkswagen announced in January 2019 it will create 1,000 new jobs and invest $800 million to create its first electric vehicle manufacturing facility in North America in Chattanooga.
- EY announced in November 2018 it will invest more than $20 million and create 600 jobs over the next five years at a new facility in Nashville.
11 Fortune 500 companies headquartered in state, including:
Community Health Systems
“There is no place we would rather build our future home than in this city and this county. We appreciate the support of the city and county, EDGE, the State of Tennessee and TVA in making this project feasible at this location. We look forward to being a growing presence in this community for decades to come.” —John Ennis, Jr., CEO, JHJ
”Nashville was always at the top of our list of candidate locations for a second office. The city has great schools, attracts incredible, diverse talent and is making smart investments to support its burgeoning startup scene.
I also know first-hand that it’s a great place to live and raise a family.” —Jessica McKellar, Founder, Pilot.com