Tuesday, April 08, 2008
TN Angel Fund incentives
While in Charleston last weekend, I learned the S.C. legislature may pass incentives for creation of Angel funds -- up to 30 percent tax credit for investors contributing to funds with at least $10 million. Once back in Tennessee, I learned State Sen. Diane Black (S18-R-Gallatin) is considering something similar for next session (not now, while state revenue is running at least $165 million lower than projected). Senator Black told me this morning she's been exploring this with colleagues, senior state officials and others and believes the idea can get a fair hearing in 2009. She'll organize a study group this summer. Another source says the legislation would probably be for companies with under $3 million in sales, credits would be capped and funding priorities would probably go to companies developing or applying advanced technologies, manufacturing, or bringing capital into the state.