A bill adding tax credits for research and development from energy and tech companies along with banning tax credits and incentives for countries of concern passed the Tennessee House Government Operations Committee on Monday.
A fiscal note on House Bill 1843 noted it would cost Tennessee $43.2 million in fiscal year 2025, $113.8 million in 2026 and $127.0 million in 2028. The note says the state will begin seeing increased state funds from the bill starting with $68.3 million in 2036 and $164.8 million in 2037.
China, Iran, North Korea, Cuba, Venezuela and the Syrian Arab Republic are listed as countries of concern. Rep. John Ragan, R-Oak Ridge, sponsored the bill and said the list came from the U.S. State Department.
Other states, such as Florida, have taken targeted actions to block the countries of concern.