Tennessee SB2505 amends economic development laws to set a minimum wage for employees receiving economic development incentives.
Tennessee SB2505 amends Tennessee Code Annotated, Title 4 and Title 50, to establish a minimum wage for employees receiving economic development incentives. Effective July 1, 2026, the minimum wage rate is set at $21.99 per hour, with annual adjustments based on the Massachusetts Institute of Technology's living wage calculator. Employers must certify compliance with this wage rate to be eligible for incentives. The commissioner of economic and community development is responsible for verifying compliance and adjusting the wage rate annually.
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