Knox County is uniquely situated to provide businesses with an unrivaled quality of life and a favorable operating climate. To further enhance the business environment, Knox County provides a variety of incentives.
TDC’s local assistance programs, in conjunction with a variety of offerings by the State of Tennessee and assistance through the Tennessee Valley Authority’s Economic Development Programs, makes East Tennessee attractive for both new and expanding businesses.
Local Incentive Programs
Tax incentives for newly recruited businesses are necessary to compete with other communities. Knoxville and Knox County each provide two primary types of tax incentives: Tax Increment Financing (TIF) and Payment-In-Lieu-Of-Taxes (PILOT). Both are performance-based and have time limits, depending on location and type of project.
Additional incentives and programs are available through the State of Tennessee and the Tennessee Valley Authority (TVA). TDC administers and provides assistance with the State and TVA programs.
State of Tennessee
While the State of Tennessee assesses a variety of taxes, including sales and use taxes, it also provides businesses with a variety of incentives to operate in the state. Tennessee has been called the nation’s most competitive state for business. Tennessee is focused on encouraging highly-skilled, high-paying jobs throughout the state.
TVA Economic Development Programs
TVA Economic Development is the source for locating or expanding your business in the Tennessee Valley region. They assist with selection, relocation, development and recruitment information for businesses seeking to locate in the region. Additionally, TVA provides a variety of support services to help existing businesses grow and flourish in the Tennessee Valley.