TN HB0952

Establishes the Small Business Growth and Empowerment Fund within the general fund, administered by the Department of Economic and Community Development, with administrative expenses capped at 5% of annual appropriations

Grants from the fund target minority-owned and women-owned businesses in underserved areas, supporting activities including site development, infrastructure, tourism, training, mentoring, and entrepreneurship

Eligible grant recipients limited to local governments, economic development organizations, political subdivisions, state government subdivisions, and nonprofit organizations

Creates a 50% tax credit on business tax liability for qualifying small businesses (gross receipts under $1,500,000 averaged over 3 years or 15 or fewer full-time employees) that either hire at least 50% local residents or provide approved workforce training

Grant fund provisions take effect July 1, 2025; tax credit provisions take effect January 1, 2026, applying to tax years beginning on or after that date