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Amended bill blocking incentives for countries of concern heads to Senate

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(The Center Square) – A Tennessee bill banning incentives for companies from countries of concern advanced in Senate committee after another costly part of the bill was removed.

Senate Bill 2426 previously banned tax credits for companies already receiving credits that are from China, Russia, Iran, North Korea, Cuba, Venezuela or Syria, along with adding tax credits for research and development from energy and tech companies.

The amended Allied Investments in Tennessee Act removed the research and development tax credits and shifted the tax credit ban to companies applying for incentives after July 1.

Sen. Ed Jackson, R-Jackson, said bill sponsors worked on the amendment with the Tennessee Department of Economic and Community Development, which is now neutral on the bill.

“It requires companies to prove they are in compliance,” Jackson said.

The bill also said that Tennessee prefers supplies for companies receiving incentives come from companies in the United States.

The amended bill passed the Senate Finance, Ways and Means Committee by a 10-0 vote after the innovation tax credits were removed. It will next head to the full Senate.