Amends TCA Title 11, Chapter 11, Part 2 and Section 67-4-2109.

Generally under present law, a qualified business enterprise that makes a capital investment of $500,000 is eligible for a job tax credit of $4,500 for each qualified job created to be applied against the business's franchise and excise tax liability for that year. In order to qualify for the credit, the enterprise must file a business plan and create at least 25 qualified jobs within the investment period, which must not exceed three years from the effective date of the business plan. However, enterprises located in a tier 3 enhancement county must create 20 jobs and enterprises located in a tier 4 county must create 10 jobs to receive the credit. For business enterprises located in an adventure tourism district to be eligible for the jobs credit, this bill reduces the required capital investment to $100,000 and reduces the number of jobs that must be created to 10 in tier 3 enhancement counties and five in tier 4 enhancement counties. This bill's changes concerning the reduction in the capital investment and number of jobs that must be created will expire on July 1, 2027. Under present law, an "enhancement county" is a county where the average number of dislocated workers in the county exceeds the average number of dislocated workers in this state, the per capita income of the county is less than the state's average, or the county experiences substantial characteristics of economic distress. Upon determining that a county qualifies as an enhancement county, the department of economic and community development must designate the county as a tier 1, tier 2, tier 3, or tier 4 enhancement county based on unemployment, per capita income, and poverty levels. Present law authorizes an additional $4,500 jobs tax credit to a business enterprise located in an adventure tourism district. The number of jobs that a business enterprise must create to be eligible for the additional credit varies depending on the tier of enhancement county that the enterprise is located in from 25 jobs in tier 1 counties to 10 jobs in tier 4 counties. This bill disallows the additional jobs tax credit for business enterprises located in adventure tourism districts for any business plan filed on or after July 1, 2027, regardless of the location of the enterprise.