Chapter 28 - Tennessee Small Business Investment Company Credit Act

Chapter 28 - Tennessee Small Business Investment Company Credit Act

§ 4-28-101. Short title.
§ 4-28-102. Chapter definitions.
§ 4-28-103. Participating investor’s investment tax credit -- Limits -- Payment of retaliatory tax not required -- Credits against other taxes.
§ 4-28-104. Standardized format for qualification -- Qualification requirements -- Determination of satisfaction of requirements -- Issuance of certification or refusal -- Submission of applications.
§ 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.
§ 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.
§ 4-28-107. Restrictions on insurance companies and their affiliates.
§ 4-28-108. Distributions from qualified TNInvestco.
§ 4-28-109. Payment of 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.
§ 4-28-110. Report by TNInvestco -- Annual, nonrefundable certification fee -- Satisfaction of the requirements of § 4-28-106(a)(1) -- Key persons.
§ 4-28-111. Annual review -- Summary of findings -- Curing noncompliance.
§ 4-28-112. Annual report.
§ 4-28-113. Investment stategy scorecard -- Annual review -- Compliance -- Written findings.
§ 4-28-114. Maintenance of web site.
§ 4-28-115. Liquidation of remaining state ownership interests -- Method -- Approval by treasurer.

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