How Tennessee Lured a Wall Street Firm to Nashville
- AllianceBernstein plans to move 1,050 workers and its CEO
- Tax change, which targets asset managers, became law in April
AllianceBernstein's Nashville Move Adds to City's Boom
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A Tennessee law enacted last month that specifically cuts taxes for publicly traded investment firms will benefit AllianceBernstein Holding LP in its move to Nashville from New York City.
It’s unclear whether the firm sought the tax break. No Tennessee companies qualified when the state legislature considered it in February. Governor Bill Haslam signed the proposal into law April 9 and AllianceBernstein, which manages $550 billion, announced May 2 it was moving its headquarters, including 1,050 legal, marketing and IT workers, to the home of country music, starting this year. The firm said it considered 30 cities.