Gallatin's incentives are currently applicable to manufacturing, distribution and technology based companies.
Payment In Lieu of Tax (PILOT) Program
Based on capital investment, number of jobs created, and value of a new or expanding company, Gallatin offers a tiered program whereby the eligible company's property taxes are lowered for a specified number of years.
Tax Increment Financing
For eligible projects, the Gallatin Industrial Development Board may offer Tax Increment Financing as a method to offset certain development costs by using property tax revenues collected on improved properties to fund site improvement.
Site Preparation Funds
Gallatin officers Site Preparation Funds to qualifying new or expanding companies of up to $500 per new job created, up to a cap of $50,000. Qualifications include 20 new jobs and $500,000 capital investment. Payment is based on employment numbers after one year in operation.
These funds are tiered dependent on pay.
Approval Process
All local incentive programs are first approved by the Gallatin Industrial Development board on the Gallatin Economic Development Agency's recommendation. They are then sent to City Council for final approval. Many times, preliminary approval can be granted within 30 days of receiving an application.
State of Tennessee Incentives
Competitive Tax Incentives make Tennessee a smart decision for doing business. Tennessee has long been considered a state with one of the most business-friendly economic climates in the nation with one of the nation’s lowest per capita tax burdens, no tax on personal income and no state property tax.
The Tennessee State Department of Economic and Community Development (TNECD) offers a variety of incentive packages to new and expanding businesses in Tennessee. View Tennessee Incentives Fact Sheet (PDF)