(NASHVILLE) — State Representative Ryan Williams (R-Cookeville) and House Republicans continue to fight for job growth and economic development across all regions of our state.
In recent weeks, Republican lawmakers have passed several key initiatives designed to help Tennessee maintain its economic momentum — including House Bill 2310 and House Bill 2112.
House Bill 2310 provides tax relief for Tennessee’s small businesses and corporations on state economic incentive grants, as well as monies they borrow for expansion efforts in our state. The measure keeps taxes low and promotes business-friendly environments to support ongoing efforts to attract high-quality jobs.
A recent report suggests that House Bill 2310 may save Tennessee businesses an estimated $1.2 billion in tax increases over the next 10 years and give them an edge over neighboring states as it relates to landing elite employers.
House Bill 2112 adds a 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 has already led to global investment firm AllianceBernstein’s recent announcement that it is making a $70 million investment in a new Nashville headquarters. The move is expected to create 1,050 new jobs for Middle Tennessee residents.
“House Republicans have fought to bring high-paying jobs to all regions of our state, and recent news reports out of West Tennessee, as well as AllianceBernstein’s announcement, shows that we are making remarkable progress accomplishing this goal,” said Representative Williams. “High profile companies are coming to our state because they know that we have created an environment where they will be able to thrive and be successful. Our citizens who have the top-notch education and training needed to fill these new jobs also play a vital role in the recruitment process.”
Since 2011, the efforts of Representative Williams and House Republicans have led to the creation of almost 400,000 net new private sector jobs. 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.
Ryan Williams serves as Chairman of the House Republican Caucus. He also serves as a member of the House Finance, Ways & Means Committee and Subcommittee, as well as the House Government Operations, House Health, and the House Calendar & Rules Committees. Williams lives in Cookeville and represents House District 42, which includes a portion of Putnam County. He can be reached by email at [email protected] or by calling (615) 741-1875.