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Knox on top: Economic advantages of operating your company in East TN

(Published on - 4/20/2021 6:46:35 PM)

Knoxville, TN:

A Catalyst for Growth

A business-friendly tax and incentive structure allow companies locating or expanding in Knoxville to manage operating costs and invest in their continued growth. The state of Tennessee, Tennessee Valley Authority, and local governing bodies evaluate eligibility on a case-by-case basis.

 

Tax Incentives

  • No personal income tax
  • No state sales tax on manufacturing equipment for qualified businesses
  • No sales tax on pollution control equipment
  • No sales tax on raw materials

 

State Incentives

  • Reduced sales tax on energy fuel and water for qualified manufacturers
  • “Double weighting” of Tennessee sales for franchise and excise taxes
  • 1% tax credit on capital equipment
  • Jobs tax credit of $4,500 per employee

 

Local Incentives

  • PILOT (Payment in Lieu of Taxes) tax freeze on a portion of local real and personal property for a duration dependent on location and other variables such as total capital investment, net new jobs, and wages
  • Development of infrastructure and site preparation work required to make a site buildable; determined on a case-by-case basis
  • Local training grants for skilled workforce positions
  • Land price discounts for potential businesses; determined on a case-by-case basis

 

*Contact Doug Lawyer, VP of Economic Development at the Knoxville Chamber to discuss the economic advantages of operating in the Knoxville region.

 

Written by: Karin Burkey-Childress, VP Corporate Services

 

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