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.

SB 1596 creates a 50% tax credit for Tennessee businesses that donate to charities approved by the governor’s faith-based initiatives office. The credit applies to contributions made between 2027-2031, with a yearly limit of $5,000 per business. To qualify, charities must serve at least 50% Tennessee residents (including 25% from designated high-need counties) and meet specific project criteria focused on community values. Businesses can claim the credit for up to 10 approved charities per year, but no more than 20% of their credit can go to a single organization.