§ 4-28-113. Investment Stategy Scorecard — Annual Review — Compliance — Written Findings
Within ninety (90) days after the department of economic and community development provides notice to a TNInvestco, the commissioner of economic and community development and the commissioner of revenue, in consultation with the state treasurer, working with the TNInvestco, shall cause to be created an investment strategy “scorecard” for the TNInvestco. The “scorecard” shall contain […]
§ 4-28-114. Maintenance of Website
Any qualified TNInvestco that has received an allocation of investment tax credits pursuant to this chapter shall be required to maintain a website that provides information to the general public about the biographical and professional background of each member of the executive management team of the TNInvestco and of each member of the board or […]
§ 4-28-115. Liquidation of Remaining State Ownership Interests — Method — Approval by Treasurer
Beginning on December 31, 2021, the department shall liquidate any remaining ownership interests owned by the state. Methods to liquidate remaining ownership interests include the sale of interests to a third party. The sale of any ownership interests shall be approved by the treasurer.
§ 4-29-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Governmental Entity Review Law.”
§ 4-29-102. Legislative Findings — Purpose
The general assembly finds and declares that state regulation of its citizens, businesses and industries is increasing at an alarming rate and that a method of reviewing such regulation is necessary to ensure that unnecessary and harmful regulation is abolished and that legitimate, necessary regulation is conducted efficiently and economically. It is the intent of […]
§ 4-29-103. Review Committees — Joint Evaluation Committee
The speakers of the senate and the house of representatives shall designate appropriate committees in their respective houses to conduct the review of governmental entities as provided in this chapter. The chairs of such committees shall appoint a subcommittee to conduct the review of each governmental entity. The appropriate subcommittees appointed in the senate and […]
§ 4-28-103. Participating Investor’s Investment Tax Credit — Limits — Payment of Retaliatory Tax Not Required — Credits Against Other Taxes
A participating investor shall earn an investment tax credit against its state premium tax liability equal to one hundred percent (100%) of the investment tax credit allocated to the participating investor under § 4-28-105. The participating investor’s investment tax credit shall be earned and vested upon making its investment in the qualified TNInvestco. Beginning January […]
§ 4-28-104. Standardized Format for Qualification — Qualification Requirements — Determination of Satisfaction of Requirements — Issuance of Certification or Refusal — Submission of Applications
The department of economic and community development, in consultation with the department of revenue, shall provide a standardized format for persons attempting to qualify as a TNInvestco. An applicant for qualification is required to: File an application with the department of economic and community development; Pay a nonrefundable application fee of seven thousand five hundred […]
§ 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
The department of economic and community development, in consultation with the department of revenue must provide a standardized format for a TNInvestco to apply for the investment tax credits. Applications shall contain such information as required by the department of revenue and the department of economic and community development, including statements regarding the ability to […]
§ 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
To maintain its certification, a qualified TNInvestco shall make qualified investments, as follows: Within two (2) years after the allocation date, a qualified TNInvestco shall have invested an amount equal to at least fifty percent (50%) of its base investment amount in qualified investments; Within three (3) years after the allocation date, a qualified TNInvestco […]