Taxes, Exemption and Credits - As introduced, during a five-year period, authorizes excise and franchise tax credit for businesses that make monetary contributions to eligible charitable organizations approved by the governor's office of faith-based and community initiatives. - Amends TCA Title 4; Title 56 and Title 67, Chapter 4.

HB 1494 creates a tax credit allowing Tennessee businesses to claim 50% of donations (up to $5,000 annually) to charities approved by the governor’s office of faith-based and community initiatives. To qualify, charities must be 501(c)(3) nonprofits serving Tennessee residents, with at least 25% of beneficiaries in designated rural counties. Businesses must apply annually for the credit, and approved charities must reapply yearly but cannot be approved for more than three consecutive years. The credit applies to tax years 2027-2031 and requires charities to demonstrate how donations support community values.