New Program Offers $120 Million in Tax Credits to Firms Investing in Small Business
NASHVILLE — Tennessee Economic and Community Development Commissioner Matt Kisber and Revenue Commissioner Reagan Farr today made public the application process for companies seeking to take advantage of the Tennessee Small Business Investment Company Credit Act which was signed into law by Governor Phil Bredesen on July 9, 2009.
The act authorizes the state of Tennessee to issue up to $120 million in tax credits to insurance companies who invest in one of six venture capital funds certified as “TNInvestcos” by the Tennessee Department of Economic and Community Development and the Tennessee Department of Revenue. The TNInvestcos are required to invest in small and start-up companies in Tennessee.
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