Bill > SB1185

This bill establishes the "Small Business Growth and Empowerment Act" which creates two main mechanisms to support small businesses in Tennessee. First, it establishes a small business growth and empowerment fund that will provide grants to local governments, economic development organizations, and non-profit groups to support minority-owned and women-owned businesses in underserved areas. These grants can be used for various economic development activities like site development, infrastructure, tourism, training, entrepreneurship, and technological improvements. The fund will be composed of legislative appropriations and donations, with strict reporting requirements and a mandate to spread resources across the state's three grand divisions. Second, the bill 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. The tax credit allows businesses to receive a 50% reduction in their tax liability, subject to certification by the department of economic and community development. The bill aims to support local economic growth, promote workforce development, and provide financial incentives for small businesses in Tennessee.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1185&ga=114