Bill > SB2673

This bill, known as the "Automotive Supply Chain Resilience and Expansion Act," aims to support Tennessee's automotive manufacturing sector by addressing disruptions caused by federal tariffs and global trade instability. It establishes an "Automotive Tariff Relief Fund" administered by the Department of Economic and Community Development to provide grants to eligible automotive manufacturers and suppliers experiencing hardship due to "tariff-related disruptions," which are defined as increased costs, reduced revenues, or supply interruptions stemming from tariffs or foreign retaliatory measures. The bill also allows for refundable tax credits and low-interest loans to encourage companies to relocate critical supply operations, expand domestic sourcing within Tennessee, or invest in technology to reduce reliance on imports affected by tariffs, with tax credits capped at 30% of qualifying investment expenditures. Furthermore, it mandates the Department to enhance export support services for businesses seeking new international markets, prioritizing those impacted by foreign retaliatory tariffs, and permits state procurement agencies to adjust bid scoring, grant temporary preferences to domestic suppliers, and modify contract requirements to mitigate the impact of trade measures. Finally, it creates an "Automotive Resilience Task Force," appointed by the governor and composed of representatives from industry, labor, academia, and government, to monitor federal trade actions, assess economic impacts, and recommend policy responses, with the task force required to submit a biennial report.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=SB2673&ga=114