The Industrial Machinery Tax Credit (Tennessee)

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Last modified on February 12, 2015.

EZFeed Policy

Place Tennessee


   
Applies to States or Provinces Tennessee
Name The Industrial Machinery Tax Credit (Tennessee)
Policy Category Financial Incentive
Policy Type Corporate Tax Incentive
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy
Active Policy Yes

Implementing Sector State/Province



























Program Administrator Tennessee Department of Economic and Community Development
Primary Website http://tennessee.gov/ecd/BD_business_tax_credit.html#mach
Applicable Jurisdiction Statewide


Last Review 2014-09-15


Information Source www.tn.gov, http://www.state.tn.us/revenue/taxguides/bustaxguide.pdf


Summary

The Industrial Machinery Tax Credit provides tax savings from equipment investments dependent upon the size investment made during the period. To qualify for this credit, companies are not required to create new jobs. This incentive may be used to offset up to 50% of the company’s F&E tax liability. Any unused Industrial Machinery Tax Credit may be carried forward for up to 15 years. For capital investments less than $100,000,000 the % of credit is 1%, for $100,000,000-$250,000,000 it is 3%, for $250,000,000-500,000,000 it is 5% for $500,000,000-$1,000,000,000 it is 7%, for $1,000,000,000+ it is 10%. The investment period for the Industrial Machinery Credit is 3 years, but may be expanded to 5 years for businesses investing less than $1 billion and to 7 years for businesses investing $1 billion or more.



Policy Contact

Contact Name Bill Hagerty
Department Tennessee Department of Economic and Community Development
Division Comissioner
Address Eleventh Floor, 312 Rosa L. Parks Avenue, Nashville, TN, 37243



Phone 615-741-1888


Email Bill.Hagerty@tn.gov

Contact Name Bestsy Van Dam
Department Department of Economic and Community Development
Division Executive's Assistant
Address Eleventh Floor, 312 Rosa L. Parks Avenue, Nashville, TN, 37243



Phone 615-741-8915


Email Betsy.Vandam@tn.gov

     

Authorities (Please contact the if there are any file problems.)

Authority 1: Tenn Code 67-6-102
Date Effective 2010



Authority 2: Tenn. Code 67-4
Date Effective 2010


















References