Qualified projects can receive tax incentives, TIF, land and utility incentives that are mutually beneficial for the local community and your company.
Because each project is unique and certain incentives have more appeal to prospects than others, Maury County negotiates incentives on a case-by-case basis. Our intention is to work with each business to identify the incentive package that is most beneficial for the company while positively impacting the community.
When determining incentives in Maury County, all projects undergo a detailed cost benefit analysis to measure the impact of the project. This analysis is based on: number of employees, wages, industry, real property investment and personal property investment. The results of this impact study determine the type and amount of incentives offered for any given project.
Below is a menu of incentives available in Maury County. The cost benefit analysis, combined with a thorough understanding of the prospect’s needs, determine the amount and type of incentives outlined below.
Both Maury County and its municipalities offer tax abatements or payment in lieu of taxes (PILOT) to qualified projects. The results of a cost benefit study establish the amount of abatement for each project.
TAX INCREMENT FINANCING (TIF)
As an alternative to tax abatement, a one-time grant may be provided to a qualifying project. This grant can be used for up-front costs associated with the improvement of property for a project. The amount of the grant is determined by both a cost benefit analysis as well as the estimated increase in property taxes as a result of improvements made to the property.
For publicly owned properties, land may be offered at a discounted rate. As with all incentives, the discounted rate is based on the results of a cost benefit study performed by the community. Any discounted land price must be approved by the public entity who owns the land
Extension or upgrades to water, sewer, electric or gas lines can be provided for appropriate projects at a reduced or no cost. The availability of this incentive is based on both the economic impact of the project and the specific usage of each utility.
The State of Tennessee Department of Economic and Community Development also offers eligible businesses a variety of incentives. View Tennessee Incentives here.