Gov. Bill HaslamNASHVILLE — Gov. Bill Haslam has signed a bill that offers more outright cash grants than tax incentives to attract companies to locate or expand in Tennessee.
The legislation aims to support economic development in rural communities and on major projects with significant impact.
Tennessee’s current FastTrack program makes grants to local industrial development boards for employee job training and infrastructure improvements, such as at Volkswagen’s Chattanooga plant.
Haslam’s initiative expands the program to help pay costs for relocation, retrofitting, office upgrades or temporary space for companies making investments in the state.
“Tennessee is recognized as one of the best places to do business in the country,” Haslam said in a statement. “This legislation gives us another tool in the toolbox to help make Tennessee the No. 1 location in the Southeast for high-quality jobs by focusing on our rural communities and recruiting and growing significant jobs.”