Senator Joey Hensley, MD: Tennessee 28th District Capitol Hill Week in Review
February 17, 2022
Commerce and Labor Committee passes “New Markets Development Act”
The Commerce and Labor Committee unanimously approved legislation that would create a tax credit program to encourage economic growth in rural and low-income areas. The bill will be reviewed by the Senate Finance, Ways and Means Committee next. The program created by the “New Markets Development Act” would fund small businesses located in Tennessee through insurance premium tax credits. Variations of the program have been implemented in 14 other states and on the federal level. It would have benefits across the whole...