Legislature approves TNInvestco expansion
Tennessee House of Representatives members today approved an $80 million expansion of the state’s startup company investment program, TNInvestco.
The measure authorizes the state to provide $20 million tax credit allocations to each of the four venture capital groups that were finalists but not ultimately selected to participate in the program’s first year, bringing the TNInvestco program’s total value to $200 million.
Today’s 79 to 13 vote follows the Senate’s 24 to 7 approval of the bill late last month. The bill now goes to the Governor for his signature.
Thus far, the six venture groups participating in the Tennessee Small Business Investment Company Credit Act have made a handful of investments, including cash infusions to local companies GOBA LLC, Pathfinder Therapeutics, New Day Pharmacy and OnFocus Healthcare.




