Six venture capital firms have successfully sold $120 million in tax credits and generated $85 million to invest in Tennessee-based entrepreneurs, state officials announced today.
Through the TNInvestco program, the six firms were each awarded $20 million in gross premium tax credits, which were marketed to insurance companies to create a pool of venture capital funds to invest in early and mid-stage companies. Participating insurance companies will apply the tax credits against their gross premium tax liability.
Original Article: Insurers snap up TNInvestco tax credits, creating $85 million venture capital fund - Nashville Business Journal:
