Effective June 30, 2010, a franchise and excise tax credit equal to 50% or 75%, depending on the amount of capital investment ($25 million or $200 million, respectively) of the purchase price of Brownfield property purchased in Tennessee for the purpose of a qualified development project. The total value of credits authorized is capped at $10 million per year and allows the credit to be used for development projects using non-prime agricultural properties in any year in which credits remain available.
“Brownfield property” is defined as real property that is the subject of an investigation or remediation as a Brownfield project under a voluntary agreement or consent order pursuant to Tenn. Code Ann. Section 68-212-224. [Tenn. Code Ann. Section 67-4-2009]
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