Bulletin: TCI – Tennessee Job and Community Resurgence Tax Credits
As a move to fight poverty throughout the state, the Tennessee legislators have expanded the traditional Tennessee Job Tax Credit program by creating the Community Resurgence Job Tax Credit. This expanded program which was approved in 2015, is available to all Tennessee businesses.
The State of Tennessee offers two Job Tax Credits to businesses that operate within Tennessee.
Tennessee Job Tax Credit – This current program is only available to qualified industries.
- $4,500 per new qualifying job
- Businesses must create at least 25 new qualifying full-time jobs and invest $500,000
- Convention and trade show businesses must invest $10 million.
- Additional credit is available for businesses in high unemployment or poverty areas.
Community Resurgence Job Tax Credit – This expanded program is available to all industries.
- $2,500 per new qualifying job
- Businesses must create at least 10 new qualifying jobs in a high-poverty area
- Jobs must pay the states average occupational wage
- Currently, there are 265 census tracts in the state which meet the credits definition of “high-poverty”
- Additional credit is available to businesses that meet the requirements of the standard Job Tax Credit
A business plan must be filed with the Tennessee Department of Revenue for both the Tennessee Job Tax Credit and Community Resurgence Job Tax Credit.
Equifax Workforce Solutions monitors federal and state legislation for incentives that might be available to your business.
Contact us if your company is interested in receiving more information on the Tennessee Job Tax Credit, Community Resurgence Job Tax Credit, or any other incentives.
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