Memphis by itself is an awesome place to do business. On top of that, Memphis business incentives are offered to both new businesses and existing businesses wanting to expand in the metro and county areas. The primary incentives offered include:
- Tax Incentives
- Training and Workforce Assistance
- Project Assistance
- Infrastructure and Energy Incentives
- Financing Incentives
Tax incentives – Depending on the number of jobs created and the amount of capital invested, franchise and excise tax credits are allowed for both existing and new businesses. The maximum allowed is 100% credit for the taxes when businesses invest $100 million in capital and create at least 100 jobs. Known as the Super Jobs Tax Credit, it’s good for 20 years. Regardless of the capital investment or the number of jobs created, suppliers within a specific footprint qualify for a $5,000 tax credit for every job created with a 15-year carry forward. Many other tax credits are available. For more information, contact the Memphis Chamber of Commerce.
Training and work force assistance – Under certain conditions, the state will reimburse 100% of training costs for new and existing businesses. There is also staff available to help a company plan, develop, and implement a customized training program. Assistance is also offered to help with applicant screening and recruitment. More services and information is available from the Memphis Chamber of Commerce.
Project assistance – The Fast Track program offers assistance cutting through the red tape or delays sometimes associated with construction permitting. A research assistance team provides relocating and expanding companies with the key market data needed to compare Memphis and Shelby County with other markets. Among other services, the University Of Tennessee Center for Industrial Services offers no-cost assistance in helping to solve your managerial and technical problems.
Infrastructure & Energy Incentives – The FastTrack Industrial Development Program is Tennessee’s primary initiative for improving the public infrastructure needed for industry expansion or relocation. Funds are designated to build water systems, wastewater systems, transportation systems, site improvements, technology systems, and other improvements to the physical infrastructure of a site.
Financing Incentives – The Economic Development Loan Fund provides up to $2 million in loans to assist in financing industrial development projects including new industrial plants, existing industry expansions, infrastructure development, and service industries. Other financial assistance is available to small businesses wanting to upgrade the level of energy efficiency in their buildings, plants, and to improve manufacturing processes. For more information about financial incentives, contact the Memphis Chamber of Commerce.
Memphis and the state of Tennessee don’t limit support to only these targeted industries but do give them preferential treatment:
- Green Industries
- Green Manufacturing
- Logistics and Distribution
- Corporate Office
- Music, Film, and Tourism
Of course, Memphis’s transportation infrastructure is second to none. Memphis is an international distribution hub and global supply chain center with services from five Class I railroads, 490 trucking terminals, the nation’s fourth-largest inland water port, and 11 Interstate and U.S.-designated highways, and Memphis International Airport is the world’s largest cargo airport.
Overall, Memphis offers outstanding business opportunities. Always be sure to check for the most recent business incentives before making important business commitments.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 10 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.