Haslam Signs Senator Watson’s Bills To Promote Business Growth And Investment Via Tax Credits

Monday, May 14, 2018
Two pieces of legislation sponsored by Senator Bo Watson to promote business growth and investment in the form of tax credits have been signed into law by Governor Bill Haslam. Senate Bill 157 ensures that grants given to companies from the Tennessee Department of Economic and Community Development are not counted as taxable income under the new federal tax code.  The other measure, Senate Bill 2647, enables Tennessee to apply the angel tax credit to a wider group of investors.
 
“Business investments, whether in the form of an angel investor or state grant, are great for our economy and help promote business growth,” said Senator Watson.
“I am pleased to see these bills signed into law that encourage investments through tax credit incentives.”
 
Officials said the recent passage of federal tax reform brought new provisions that unintentionally broadened Tennessee’s business income tax base, and as a result making economic development grants taxable. Therefore, Senate Bill 157 was needed to clarify that economic development grants committed prior to Dec. 22, 2017 will not be taxable.
 
Senate Bill 2647 adds Single Purpose Vehicles to the ATC. The purpose of SPV’s is to consolidate investments from multiple angel investors into one LLC that holds the investments in a startup company. 
 
“Angel investors are the lifeblood of startups in Tennessee. As we’ve tried to increase the amount of capital investment into these startups, we’ve learned that many of the angel investors coordinate their investments using this [SPV] kind of structure. So this bill will enable us to promote the angel tax credit to a wider group of Tennessee angel investors,” added Senator Watson.  "I look forward to seeing the business and job growth that will result from the passage of these two bills.”


Primerica Promotes Local Representative To Regional Vice President

LBMC Adds Employees To Chattanooga Office

Benjamin Brock Resigns As Astec CEO; Richard Dorris Named


Primerica announced the promotion of Gregory Highwood to Regional Vice President. In making the announcement, Glenn J. Williams, chief executive officer of the company, said, “I am pleased ... (click for more)

LBMC, one of the Southeast’s largest accounting and business consulting firms, has added the following employees to its Chattanooga office: Hayden Williams has joined LBMC, PC as a senior ... (click for more)

Astec Industries, Inc. (Nasdaq: ASTE) announced that Benjamin G. Brock has resigned as president and chief executive officer and as a member of the board of directors, effective as of the close ... (click for more)


Business

Primerica Promotes Local Representative To Regional Vice President

Primerica announced the promotion of Gregory Highwood to Regional Vice President. In making the announcement, Glenn J. Williams, chief executive officer of the company, said, “I am pleased to announce that Gregory Highwood has joined this exceptional group of leaders. His success is a barometer of the number of people that Primerica has helped prepare for a more secure financial ... (click for more)

LBMC Adds Employees To Chattanooga Office

LBMC, one of the Southeast’s largest accounting and business consulting firms, has added the following employees to its Chattanooga office: Hayden Williams has joined LBMC, PC as a senior accountant in the audit department. He previously served as an accounting manager for SouthEast Eye Specialists. He holds his bachelor’s and master’s degrees from Carson Newman University. ... (click for more)

Breaking News

DA's Office Will Not Prosecute Charges Against Man Who Was Beaten By City Officer

The District Attorney's Office said it will not prosecute charges against a man who was beaten by a city police officer after a traffic stop. The DA is dismissing charges against 37-year-old Fredrico Wolfe. Wolfe was charged in an incident last March 10 with DUI, violating the implied consent law, tampering with evidence, speeding, drug possession and resisting arrest. ... (click for more)

Hamilton County Schools To Close Thursday Due To Expected Ice On Roads

Hamilton County Schools will be closed Thursday due to forecast rain to last through the evening and freezing conditions to follow after 2 a.m. in the higher elevations in the county. Freezing conditions are expected to last until the afternoon in the higher elevations impacting travel in the area. Athletic events will be rescheduled and practices canceled Thursday evening. ... (click for more)

Opinion

Fake News Strikes Again And Again - Response

Two major stories exploded across the headlines this past week which confirm my opinion that the mainstream media (MSM) is biased, incompetent, and can seldom be trusted to impart the news fairly and accurately. The first instance was the BuzzFeed story regarding Michael Cohen and how he allegedly lied on President Trump's behalf to Congress. Virtually all of the big media outlets ... (click for more)

Roy Exum: Has Publix Dried Up?

The legendary Baron of Baseball in Chattanooga was Joe Engel. He was a promoter of such renown his portrait was painted on the toilet in the ball park’s press box “in honor of my friends in the press.” I remember, quite vividly, when Mr. Engel traded a left-handed pitcher for a live turkey. Yes, a real bird in a crate! The best promoter in the majors was Bill Veeck who, quite famously, ... (click for more)