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Bill > SB2505

TN SB2505

TN SB2505
AN ACT to amend Tennessee Code Annotated, Title 4 and Title 50, relative to economic development.

summary

Introduced
02/02/2026
In Committee
Crossed Over
Passed
Dead

Introduced Session

114th General Assembly

Bill Summary

As introduced, creates a condition of eligibility for certain economic development incentives that employers certify that they pay employees working on the development project for which the incentive was granted at least $21.99 an hour beginning July 1, 2026, with annual adjustments thereafter by the commissioner of economic and community development based on the MIT living wage calculator; allows for recovering from employers found to be in violation of such wage requirements the incentives already provided. - Amends TCA Title 4 and Title 50.

AI Summary

This bill establishes a new requirement for businesses seeking certain economic development incentives in Tennessee, such as grants for job training or capital projects aimed at attracting or retaining businesses. Starting July 1, 2026, employers must certify that they pay employees working on these incentivized projects at least $21.99 per hour. This hourly wage will be adjusted annually by the Commissioner of Economic and Community Development, using the MIT living wage calculator for a specific household size and composition, to ensure it keeps pace with the cost of living. If an employer is found to be violating this wage requirement, they will be required to repay any economic development incentives they have already received. The Commissioner will publish the adjusted wage rate and the calculation method on the department's website each year.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Passed on Second Consideration, refer to Senate Commerce and Labor Committee (on 02/05/2026)
(1 Companion Bills)

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