Bill > HB0952

This bill establishes the "Small Business Growth and Empowerment Act," which creates a new fund and tax credit program to support small businesses in Tennessee. The bill creates a small business growth and empowerment fund that can receive state appropriations and donations, with funds to be used for grants targeting minority-owned and women-owned businesses in underserved areas. These grants can support various economic development activities like site development, infrastructure, training, entrepreneurship, and technological improvements. The bill also introduces a tax credit for qualifying small businesses (defined as businesses with gross receipts under $1.5 million or fewer than 15 full-time employees) that either hire at least 50% of their workforce locally or provide workforce training approved by the state's economic development department. To receive the credit, which equals 50% of the business's tax liability, companies must apply for and receive certification from the department of economic and community development. The bill requires quarterly reporting and public disclosure of grant recipients and amounts, and aims to spread economic development opportunities across Tennessee's three grand divisions. The fund's administrative expenses are capped at 5% of annual appropriations, and the tax credit provisions will take effect in January 2026.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0952&ga=114