Premier Destination for Sophisticated Buyers of Legal Services
Home > Legal Library > Abstract




Join Matindale-Hubbell Connected


Tennessee Small Business Investment Company Credit Act Provides Venture Capital to Tennessee Start-ups and Emerging Businesses


by Steven J. Enwright
Dickinson Wright PLLC
Bloomfield Hills Office

Ralph Z. Levy
Dickinson Wright PLLC
Nashville Office

November 25, 2009

Previously published on November 2009

In furtherance of its goals of increasing “transformational” entrepreneurial activity in Tennessee, attracting additional capital into the state and diversifying the state’s economy, the State of Tennessee recently announced the names of the six funds that have been certified by the State of Tennessee as “TN Investcos.” Each TN Investco fund will receive approximately $15 million to invest in start-ups and early or mid-stage companies in Tennessee using $20 million of awarded gross premiums tax credits under the Tennessee Small Business Investment Company Credit Act (the “Act”). Under the Act, which was enacted on July 9, 2009 as Public Chapter 6010, $120 million in gross premiums tax credits will be allocated equally among the six TN Investco funds in January, 2010 and then sold to insurance companies to create a pool of venture capital funds for investment in early and mid-stage companies in Tennessee.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.


 

Practice Area Resource Centers
Visit our Practice Area Resource Centers to view practice area specific content compiled from a variety of legal sources. Find related articles, podcasts, industry leader insights and much more. We currently offer the following Practice Areas: Litigation; Intellectual Property; Real Estate; Corporate Law; Criminal Law; Bankruptcy; Immigration; Business Law; Insurance; Taxation; Labor & Employment; Commercial Law; Medical Malpractice; Trusts & Estates; Securities; International Law ; Health Care; Environmental Law; Construction Law; Workers' Compensation





Total Practice Solutions

 

Terms & Conditions | Privacy | Site Map | Contact Us | Copyright 2010 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.