Home > Company Relocation Tax Credits & Business Development Grants
Business Development Grants
Long-term growth meets increased profitability with competitive grants for workforce training, public infrastructure, and economic development. The commitment of the Department of Economic and Community Development (TNECD) doesn’t stop there. TNECD offers incentives to help make a company’s decision an easy one. Eligibility is based upon the number of new full-time jobs, weighted average wages of full-time jobs, amount of company investment, and location of the project. Additional opportunities for locating in an at-risk county or distressed county are available.
Programs include:
- FastTrack Infrastructure Program
- FastTrack Job Training Assistance Program
- FastTrack Economic Development Fund
Work Opportunity Tax Credit (WOTC)
Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire and retain individuals from target groups that either meet specific conditions or have been faced with significant barriers to employment. Employers claim about $1 billion in tax credits each year under the WOTC program.
Incumbent Worker Training Grant
The Incumbent Worker Training Program (IWT) is a competitive grant that provides funding to help eligible Tennessee businesses effectively train and retain employees by providing skills upgrades and process improvement training for existing, full-time employees.
On-the-Job Training Grants
When an employer identifies the need to fill a vacant position, they often has a choice of hiring a skilled worker or a worker who needs to have additional training. If the employer is willing to hire an individual who has no prior experience in the vacant position, an on-the-job training contract may be developed with the Local Workforce Development Area. Under this agreement, the program can pay up to 50% of the trainee's wages during the specified period.