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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionTennessee
Jurisdiction type: State
Fiscal year ending In2020
Program nameDevelopment Opportunity Program
Program purpose: Brownfield rehabilitation
Statutory authority: Tennessee Code Annotated 67-4-2009 and Tennessee Code Annotated 67-4-2109
Abating jurisdiction(s): State of Tennessee
Applicable taxesFranchise Tax; Excise Tax
Method of abatement: Tax Credit
Provisions for recapture: Recapture provisions for the small and rural development program provide that, if at the close of the tenth year of the period during which the credit is allowed, the taxpayer or its assignee has received repayment, or retains any right to repayment, the department is entitled to recapture the credit allowed by increasing the franchise or excise tax liability given to the financial institution.
Gross revenue loss: $3,200,000
Reimbursement / offset: $0
Net revenue loss: $3,200,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.tn.gov/finance/rd-doa/fa-accfin-ar.html