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More than $288M in tax credits claimed last fiscal year in Tennessee

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(The Center Square) – Tennesseans claimed more than $288 million in tax credits last fiscal year, according to a new tax credit report from the Department of Revenue.

The most credits came from $86.5 million from 71 taxpayers for community investment credits, given related to financial institutions investing in housing loans and grants in a community, the report said.

There were also 1,374 taxpayers who claimed nearly $80 million in industrial machinery credits toward the purchase price of industrial machinery.

There were 264 taxpayers who claimed $33.3 million in credits because of 5,206 jobs that were created, along with 43 claims for $27.7 million in credits for creating jobs in enhancement counties. In addition, there were 12 claims for $18.5 million for a job tax super credit related to job creation at higher levels anywhere from $100 million and 100 jobs to $10 million for 100 headquarters jobs, the department said.

A breakdown of the job tax credit claims shows that $18.2 million went to 171 taxpayers in the manufacturing industry for 2,593 new jobs. Another $6.7 million went to 28 taxpayers for 1,414 new jobs in warehousing and distribution with $5.5 million in claimed job credits to 37 taxpayers for 581 new headquarters jobs.

Updated numbers from the fiscal year running from July 1, 2021 to June 30, 2022 showed that nearly $300 million in credits were claimed during that period with $93.5 million for industrial machinery credits, nearly $72.0 million for community investment credits, $33.8 million for job tax credits, $25.8 million for job tax credits in enhancement communities and $33.9 million for job tax super credits.

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