2010 Tennessee Code
Title 4 - State Government
Chapter 28 - Tennessee Small Business Investment Company Credit Act
4-28-110 - Report by TNInvestco Annual, nonrefundable certification fee Satisfaction of the requirements of § 4-28-106(a)(1).

4-28-110. Report by TNInvestco Annual, nonrefundable certification fee Satisfaction of the requirements of § 4-28-106(a)(1).

(a)  Each qualified TNInvestco shall report the following to the department of economic and community development:

     (1)  As soon as practicable, but no later than thirty (30) days after the receipt of designated capital:

          (A)  The name of each participating investor from which the designated capital was received, including such participating investor's insurance tax identification number;

          (B)  The amount of each participating investor's investment of designated capital; and

          (C)  The date on which the designated capital was received;

     (2)  On an annual basis, on or before January 31 of each year:

          (A)  The amount of the qualified TNInvestco's remaining uninvested designated capital at the end of the immediately preceding taxable year;

          (B)  Whether or not the qualified TNInvestco has invested more than fifteen percent (15%) of its total designated capital in any one (1) business;

          (C)  All qualified investments that the qualified TNInvestco has made in the previous taxable year, including the number of employees of each qualified business in which it has made investments at the time of such investment and as of December 1 of the preceding taxable year; and

          (D)  For any qualified business where the qualified TNInvestco no longer has an investment, the qualified TNInvestco must provide employment figures for that company as of the last day before the investment was terminated;

     (3)  Other information that the department may reasonably request that will help the department ascertain the impact of the TNInvestco program both directly and indirectly on the economy of this state;

     (4)  Within one hundred eighty (180) days of the close of its fiscal year, annual audited financial statements of the qualified TNInvestco, which must include the opinion of an independent certified public accountant; and

     (5)  An agreed upon procedures report, or equivalent, regarding the operations of the qualified TNInvestco.

(b)  A qualified TNInvestco must pay to the department of economic and community development an annual, nonrefundable certification fee of five thousand dollars ($5,000) on or before April 1, or ten thousand dollars ($10,000) if later. No annual certification fee is required if the payment date for such fee is within six (6) months of the date a qualified TNInvestco is first certified by the department.

(c)  Upon satisfying each of the requirements of § 4-28-106(a)(1), a qualified TNInvestco shall provide notice to the department of economic and community development and the department shall, within sixty (60) days of receipt of such notice, either confirm that the qualified TNInvestco has satisfied such requirement of § 4-28-106(a)(1) as of such date or provide notice of noncompliance and an explanation of any existing deficiencies. If the department does not provide such notification within sixty (60) days, the qualified TNInvestco shall be deemed to have met such requirement of § 4-28-106(a)(1).

[Acts 2009, ch. 610, § 11.]