(NASHVILLE) — Recently, the Tennessee General Assembly unanimously approved an initiative sponsored by State Representative Kevin Vaughan (R-Collierville) that promotes business expansion in Memphis and Shelby County.
House Bill 2064 encourages residential and business developers to expand operations outside of the central business district through deregulation and tax incentives.
Current law restricts economic developers — including the Economic Development Growth Engine (EDGE) for Memphis and Shelby County — from offering tax incentives to any business looking to expand outside the central business district.
House Bill 2064 eases these restrictions and enables EDGE to encourage business expansion outside the district through payments-in-lieu-of-taxes or PILOTs. These types of incentives have been critical in the development of the center city area and could benefit other portions of the city and county.
“This measure paves the way for new industry and high-quality job growth across other parts of our community,” said Representative Vaughan. “I am grateful to my colleagues for supporting it, and I know it will benefit the City of Memphis and all of Shelby County.”
Additional information about House Bill 2064 can be found by clicking here.
Under the leadership of Representative Vaughan and House Republicans, Tennessee is truly thriving. In recent years, more than 400,000 net new private sector jobs have been created. Over the past 12 months, Tennessee’s unemployment rate decreased a full percentage point from 4.4 percent to 3.4 percent and remains less than the national average of 4.1 percent.
For more information about how House Republicans are advancing Tennessee’s conservative values, please click here.
Kevin Vaughan serves as a member of the House Insurance & Banking and the House Business & Utilities Committees. He lives in Collierville and represents House District 95, which includes part of Shelby County. He can be reached by calling (615) 741-1866 or by email at: [email protected]