TN HB1494

Creates a 50% tax credit for businesses that contribute to eligible charitable organizations, effective for tax years January 1, 2027 through January 1, 2032

Caps the credit at $5,000 per qualified business per contribution to each eligible charitable organization per tax year

Limits eligible charitable organizations to 10 total, with no single organization receiving more than 20% of allocated credits; organizations must serve at least 50% Tennessee residents and 25% residents from tier 3 or tier 4 enhancement counties

Requires the Governor's Office of Faith-Based and Community Initiatives to approve charitable organizations, which must demonstrate projects expanding "volunteerism and human flourishing"

Allows unused credits to be carried forward for up to 25 years; requires the department to report metrics to legislative finance committees by January 1, 2027