Business Incentive Programs
Local programs
Think Memphis: Partnership for Prosperity is a public-private initiative whose goal is to make Memphis and Shelby County more globally competitive and attractive to businesses looking to relocate and expand. The program is in part a continuation of Memphis 2005, an economic development program begun in 1996 that aimed to diversify the economy, raise the per capita income, generate 12,000 net new jobs annually, increase minority and woman-owned business development, and lower the crime rate. Memphis 2005 has been credited with Memphis' average nonresidential capital investment of more than $1 billion a year, 10,000 net new jobs annually, and increased per capita income above the national average. Further, Think Memphis aims to enhance the economic vitality of the Memphis area through collaboration with its chambers of commerce, local and state governments, and other organizations; and aims to attract 10,000 newcomers to the region, and encourage Memphis residents to remain here, through a ten-year, multi-million dollar marketing effort.
State programs
Tennessee is a right-to-work state and its overall state and local tax burden is among the lowest of all 50 states. Tennessee has no personal income tax on wages or salaries. Finished goods inventories are exempt from personal property tax, and industrial machinery is totally exempt from state and local sales taxes. Manufacturers receive other tax exemptions under specified circumstances and reduced property assessments. State-administered financial programs for businesses include: the Small and Minority-Owned Business Assistance Program, currently being developed by the state Treasury Department and expected to provide assistance to small and minority-owned businesses through loans, technical assistance, and program services; the Small Business Energy Loan Program, which helps qualified Tennessee-based businesses upgrade their level of energy efficiency in their buildings and manufacturing processes; the FastTrack Infrastructure Program, which assists in the funding of infrastructure improvements for businesses locating or expanding in Tennessee; and the FastTrack Training Services Program, which helps companies provide training for their staff.
Job training programs
The state of Tennessee provides funds for eligible projects that can offset costs that are incurred during the training process. Each project is considered separately based on its economic impact to the state. This program does not include wage payments to persons involved in the training program. Vocational training in Memphis is available through the Tennessee Technology Center, State Technical Institute of Memphis, Mid-South Quality Productivity Center, Southeast College of Technology, and through the public schools
