A guide to help you understand the ins and outs of business in Tennessee
Tennessee is a state in the southeastern United States. Nashville, its largest city, also serves as its capital. It is the 16th most populous state with an estimated 6.83 million people, even though it is only the 36th largest state. Tennessee’s 2019 GDP was $376,582,000,000.
The top industries there are manufacturing, aerospace and defense, automotive, chemicals, distribution and logistics, food and agriculture, healthcare and life sciences, finance, and rubber, ceramics and glass. Tennessee’s auto industry employs 123,000 people through the 920 companies, which ranks it as the top auto employing state in the southeast. The state produces over 820,000 vehicles per year, with over 16,000 of them being electric vehicles, and over $4.8 billion in exports in 2019.
In 2019, Tennessee imported $278,573 from Qatar. Its top imports are:
Nuclear reactors, boilers, machinery, etc. Special classification provisions Organic chemicals Nuclear reactors, boilers, machinery, etc.
In 2019, Tennessee exported $59,676,973 to Qatar with its top exports being:
Vehicles except railway and tramway, and parts Optic, photo, medical/surgical instruments Nuclear reactors, boilers, machinery, etc.
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In 2019, Tennessee does not have a corporate income tax. However, they do have a business tax, which is based on the location the business, as well as the goods/services the business sells. Tennessee has 24 incentive programs, such as the Impact Fund and the Tennessee Business Relief Program. There are also seven free trade zones. The free trade zones are in Memphis, Nashville, Chattanooga, Knoxville, and Blountville.