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Tennessee Job Creation Bill The Tennessee State Senate has approved a major job creation bill sponsored by State Senator Doug Overbey (R-Maryville) to expand the state's tax credit program by $80 million. The innovative new program provides investment capital to small, medium and start up businesses in Tennessee and is considered a model job growth plan by other states. "Small businesses provide 67 percent of first jobs and produce the majority of innovations," said Senator Overbey, who also sponsored the bill which implemented the program. "However, access to capital is a hugh obstacle to success. This legislation provides a vehicle for small and start up businesses to take an innovative idea and commerialize it, creating jobs for Tennessee." In October, six investment firms were chosen to receive an allocation of $20 million dollars in gross premiums tax credits which are then marketed to insurance companies to create a pool of venture capital funds for investment in start-up and mid-stage companies in Tennessee. The legislation would allow the program to include four additional participants already selected as alternates. It also adds improvements to the bill to increase transparency and accountability in the program. Overbey said the improvements include a scorecard kept by the state to make sure that qualified TNInvestcos are following program guidelines and obligations to maximize investment potential. Under the plan, credit against insurance premiums taxes that spread over years three throught ten of the program. Even though the capital aill be available for small businesses immediately, there are no tax credits for investors until 2012. Capital returned to the state through the program must first go to the General Fund, with any remaining funds to be deposited in the Rural Opportunity fund which helps economically ditressed counties grow jobs. Other state programs are generally dollar for dollar subsidies. "Innovation does not know geographical boundaries," added Overbey. "What truly sepates this program from those being used in other states is that it will pay for itself down the road and puts money into the Rural Opportunity fund. That found focuses on job growth in some of the most economically distressed areas of the state where unemployment is very high."
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