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2024 Tennessee Code
Title 4 - STATE GOVERNMENT (§§ 4-1-101 — 4-58-110)
Chapter 28 - TENNESSEE SMALL BUSINESS INVESTMENT COMPANY CREDIT ACT (§§ 4-28-101 — 4-28-115)
- Section 4-28-101 - Short title
- Section 4-28-102 - Chapter definitions
- Section 4-28-103 - Participating investor's investment tax credit - Limits - Payment of retaliatory tax not required - Credits against other taxes
- Section 4-28-104 - Standardized format for qualification - Qualification requirements - Determination of satisfaction of requirements - Issuance of certification or refusal - Submission of applications
- Section 4-28-105 - Standardized format for TNInvestco to apply for investment tax credits - Information required in applications - Submission of irrevocable investment commitments - Penalty for failure to perform - Review of applications - Criteria - Aggregate amount of investment tax credits to be allocated - Deadline for approval
- Section 4-28-106 - Maintaining certification - Penalty for failure to meet performance measures - Request for written determination that proposed investment will qualify as a qualified investment in a qualified business or a seed or early stage investment
- Section 4-28-107 - Restrictions on insurance companies and their affiliates
- Section 4-28-108 - Distributions from qualified TNInvestco
- Section 4-28-109 - Payment of profit share percentage or end date profit share percentage - Transfers from the general fund to the Tennessee rural opportunity fund and the small and minority owned business assistance program fund - Distribution of investment returns - Minimizing any related federal tax obligation
- Section 4-28-110 - Report by TNInvestco - Annual, nonrefundable certification fee - Satisfaction of the requirements of Section 4-28-106 (a)
- Section 4-28-111 - Annual review - Summary of findings - Curing noncompliance
- Section 4-28-112 - Annual report
- Section 4-28-113 - Investment stategy scorecard - Annual review - Compliance - Written findings
- Section 4-28-114 - Maintenance of website
- Section 4-28-115 - Liquidation of remaining state ownership interests - Method - Approval by treasurer - Investments liquidated after program end date
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