(NASHVILLE) — Two major Tennessee job developments this week are a direct result of the work of State Representative Ron Gant (R-Rossville) and House Republicans.
Wednesday morning, global investment firm AllianceBernstein announced it is making a $70 million investment in a new Nashville headquarters. The move is expected to create 1,050 new jobs and is directly tied to the passage of House Bill 2112 — sponsored by Representative Gant during the recently completed legislative session.
The measure adds a job recruitment tool through tax incentives related to the Franchise & Excise (F&E) Tax. By law, any industry that is chartered or organized in Tennessee and is doing business here must register and pay the tax based on factors like property, payroll, and sales.
House Bill 2112 reduces these factors for financial asset management companies who desire to move to Tennessee by removing property and payroll from the equation and using only a company’s sales factor. This initiative is designed to help maintain our state’s recent economic momentum by supporting the ongoing efforts to attract new business to Tennessee.
Wednesday afternoon, Gant joined with Tennessee Governor Bill Haslam for a celebration to mark the opening of two new assembly lines at Monogram Refrigeration, LLC in Selmer, Tennessee. The new production lines will create refrigerators and packaged thermal air conditioning units. They are backed by a $9.3 million investment in upgrades to the Selmer facility by GE — a move that has created 210 new jobs.
“My Republican colleagues and I have fought to bring high-paying jobs to all regions of our state, and Wednesday’s developments are only just the beginning,” said Representative Gant. “We are seeing top-notch companies come to Tennessee because they know that we have created an environment where they will be able to thrive. I am excited about these recent developments and will not rest until more of our citizens and more Tennesseans have the quality jobs they desire.”
In recent years, the efforts of Representative Gant and House Republicans have led to the creation of almost 400,000 net new private sector jobs. As of April 30, statewide unemployment remains near the lowest rates ever recorded in Tennessee’s 222-year history.
For more information about how House Republicans are advancing Tennessee’s conservative values, please click here.
Ron Gant serves as Assistant Majority Floor Leader. He is also a member of the House Health Committee and the House Calendar and Rules Committee, as well as the House Insurance & Banking Sub and Full Committees. Gant lives in Rossville and represents House District 94, which includes Fayette, McNairy, and part of Hardeman County. He can be reached by email at: [email protected] or by calling (615) 741-6890.