The state House of Representatives approved an $80 million expansion
of the TNInvestco
program today after months of questioning about the program that
allocates tax credits to create a pool of venture capital. The vote was
79-13.
The expansion, which also included several revisions to the program, already cleared the Senate and awaits Gov. Phil Bredesen’s signature.
The program was established last year with $120 million in tax credits,
which were distributed evenly to six venture capital firms. The
investment firms sold the tax credits to insurance companies for $85
million and have begun making investments in Tennessee companies,
including Nashville area firms such as Pathfinder
Therapeutics, social media start-up GOBA
LLC, New
Day Pharmacy and onFocus
Healthcare Inc.
To read the full, original article click on this link: House approves $80M more TNInvestco program - Nashville Business Journal
Author: Brandon Gee
