Scott County’s industrial base is diversified. Several nationally and internationally-recognized companies have operations in Scott County, including:
• Jim Barna Log Homes — The world’s largest manufacturer of log homes
• Armstrong Wood Flooring — Makers of Armstrong and Hartco brand hardwood flooring
• Tennier Industries — Department of Defense contractor for military apparel and textile
• Great Dane Trailers — Makers of cargo trailers
• Miller Energy Resources — Nationwide oil and natural gas exploration firm headquartered in Huntsville
Select economic indicators:
• Civilian labor force (2008): 8,520
• Total number of jobs (2008): 7,550
• Total number of establishments: 864
• Leading employment categories: Services (2,505), Retail Trade (1,370), Manufacturing (713)
• Median family income: $39,226
• Total retail sales (2008): $180.6 million
Scott County offers a competitive, business-friendly tax structure
Tennessee’s constitution requires balanced state and local budgets
Property tax: Scott County’s property tax rate is $2.25 per $100 assessed value
Income tax: There is no personal income tax on wages; Tennessee is just one of nine states without a personal income tax
Sales tax: 7% (state) / 2.25% (local)
Wheel tax: $30/vehicle
Personal: 6% on interest and dividends
Corporate: 6% of net earnings
Franchise tax: 25 cents per $100 of capital properties
Unemployment tax: 2.7% of first $7,000
SALES & USE TAX
No sale tax on:
• Purchases, installation and repairs on qualified industrial machinery
• Purchases of material handling and racking equipment associated with the required capital investment of $10 million by a distribution or warehouse facility.
• Raw material for processing
• Reduced sales tax rates for manufacturer’s use of energy fuel and water. Tax-exempt is used directly in manufacturing process.
• Headquarters Tax Credit. Reduction of sales tax from 7 percent to 0.5 percent on building materials, machinery and equipment used in the construction of remodeling of a qualified headquarters facility.
• Refund on taxes paid on goods and services by motion picture production companies filming or producing in Tennessee. Requires expenditures of $500,000.
No property tax on:
• Finished-good inventories in hands of manufacturer
• Inventories of merchandise for sale.
• Excise tax credit equal to 1% of the purchase price of qualified industrial machinery
• Excise tax credit equal to 1% of the purchase price of equipment associated with the required capital investment by a distribution or warehouse facility.
• Net operating loss carry forward of 15 years
• All capital losses can be claimed in the year incurred.