Economic and Community Development - As introduced, enacts the "Small Business Growth and Empowerment Act"; authorizes business tax credits for small businesses hiring locally or providing workforce training; creates grants for minority-owned and women-owned businesses in underserved areas. - Amends TCA Title 4, Chapter 3, Part 7 and Title 67, Chapter 4.

Summary

The Small Business Growth and Empowerment Act establishes a dedicated fund for grants to minority‑ and women‑owned businesses in underserved parts of the state and adds a 50 % tax credit for qualifying small businesses that file and pay the applicable tax. It directs the Department of Economic and Community Development to administer the grants, report quarterly, and limit administrative costs to 5 % of appropriations. The measure aims to boost entrepreneurship and economic development where resources are scarce.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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