Weakley County and local municipalities can provide a Payment in lieu of a Tax (PILOT) Abatement against the Local, Real and Personal Property Taxes. A company can realize substantial savings from the PILOT program.
New Markets Tax Credit
Certain areas of Weakley County are eligible for the federal New Markets Tax Credit wherby an invester receives a tax credit equal to 39% of the toal equity investment in an area eligible for the program. For more information visit http://nmtccoalition.org/fact-sheet/
Water, sewer, natural gas, electricity, rail spur and any access road will be extended to the building at no cost to the company.
The Weakley County Economic Development Board will work with all local, state and federal agencies to ensure that a company receives all available incentives and assistance.
More Local Incentives Available in Weakley County, Tennessee
Low Interest Loans: Loan programs are available from the Tennessee Department of Economic and Community Development, TVA, the Northwest Tennessee Development District and the Small Business Association. All programs offer interest rates below prime. Loan amounts vary and are based on the number of new jobs created.
Industrial Revenue Bonds: The Weakley County Industrial Board can issue up to $10,000,000.00 tax exempt Industrial Revenue Bonds (IRBs) to expanding or new industries in Weakley County. The IRBs can cover all project costs with the exception of working capital. The interest on the IRBs is tax free to the purchaser of the bonds, usually banks, and result in an interest rate lower than the prime rate. Attached is additional information on Industrial Revenue Bonds.
Infrastructure Grants: Grants are available up to $750,000.00 to assist in the infrastructure cost of new or expanding industries. These are grants to Weakley County and are used for the development of sewer, water, natural gas, and electrical lines and site grading and rail spurs.
Pre-Employment Training: The State of Tennessee has an excellent pre-employment training program that includes cost of instructional materials, training space and utilities, and instructors. The program is very flexible and is tailored to individual company's needs.
On-The-Job Training: Funds are available through the Work Force Investment Act (WIA) for individuals that qualify for WIA. The program reimburses a company one-half of an WIA eligible employee's wage for up to three months.
Tennessee Tax Incentives: Tennessee offers numerous tax incentives. You can find those on Tennessee's Business Development website located here: http://www.tnecd.com/advantages/incentives-grants/