§ 4-28-101 Short title
§ 4-28-102 Chapter definitions
§ 4-28-103 Participating investor’s investment tax credit — Limits — Payment of retaliatory tax not required — Credits against other taxes.
§ 4-28-104 Standardized format for qualification — Qualification requirements — Determination of satisfaction of requirements — Issuance of certification or refusal — Submission of applications
§ 4-28-105 Standardized format for TNInvestco to apply for investment tax credits — Information required in applications — Submission of irrevocable investment commitments — Penalty for failure to perform — Review of applications — Criteria — Aggregate amount
§ 4-28-106 Maintaining certification — Penalty for failure to meet performance measures — Request for written determination that proposed investment will qualify as a qualified investment in a qualified business or a seed or early stage investment
§ 4-28-107 Restrictions on insurance companies and their affiliates
§ 4-28-108 Distributions from qualified TNInvestco
§ 4-28-109 Payment of profit share percentage — Transfers from the general fund to the Tennessee rural opportunity fund and the small and minority owned business assistance program fund — Distribution of investment returns — Minimizing any related federal tax obl
§ 4-28-110 Report by TNInvestco — Annual, nonrefundable certification fee — Satisfaction of the requirements of §?4-28-106(a)(1) — Key persons.
§ 4-28-111 Annual review — Summary of findings — Curing noncompliance
§ 4-28-112 Annual report
§ 4-28-113 Investment stategy scorecard — Annual review — Compliance — Written findings
§ 4-28-114 Maintenance of web site
§ 4-28-115 Liquidation of remaining state ownership interests — Method — Approval by treasurer

Terms Used In Tennessee Code > Title 4 > Chapter 28

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affiliate: means :

    • (A)

      • (i) Any person who, directly or indirectly, beneficially owns, controls or holds the power to vote fifteen percent (15%) or more of the outstanding voting securities or other voting ownership interest of a TNInvestco or insurance company. See Tennessee Code 4-28-102

      • Agricultural products: includes horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products. See Tennessee Code 43-16-103
      • Agriculture: means :

        • (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105

        • Allocation date: means the date on which investment tax credits under §. See Tennessee Code 4-28-102
        • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
        • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
        • Appraisal: A determination of property value.
        • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
        • Associated municipality: means the municipality for the benefit of which an energy acquisition corporation is organized. See Tennessee Code 7-39-102
        • Association: means any corporation organized under this chapter. See Tennessee Code 43-16-103
        • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
        • Base investment amount: means fourteen million dollars ($14,000,000) in the case of a qualified TNInvestco receiving one (1) allocation of tax credits and twenty eight million dollars ($28,000,000) in the case of a qualified TNInvestco receiving two (2) allocations of tax credits, which must be available in cash or cash equivalents immediately following the investment by a TNInvestco's participating investors and its owners. See Tennessee Code 4-28-102
        • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
        • Bonds: means bonds, notes, interim certificates or other obligations of a corporation issued pursuant to this chapter. See Tennessee Code 7-39-102
        • Chief legislative body: means the chief legislative body of the municipality, whether designated board of aldermen, board of commissioners or by other title. See Tennessee Code 13-4-301
        • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
        • Community garden: means a piece of real property, either on vacant public land or on private land, cultivated by residents of a neighborhood or community, or members of a homeowners or condominium owners association for the purpose of providing the following for the use of residents of the neighborhood or community, or members of the homeowners or condominium owners association:

          • (A) Vegetables, nuts, herbs, fruit, or flowers, whether by means of cultivating annual, biennial or perennial plants, or trees. See Tennessee Code 43-24-102

          • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
          • Continuance: Putting off of a hearing ot trial until a later time.
          • Contract: A legal written agreement that becomes binding when signed.
          • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
          • County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
          • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
          • Deed: The legal instrument used to transfer title in real property from one person to another.
          • Designated capital: means an amount of money that is invested by a participating investor in a qualified TNInvestco. See Tennessee Code 4-28-102
          • developed area of single family residences: means an area generally referred to as a subdivision as indicated on a plat filed in the register of deeds office. See Tennessee Code 13-3-501
          • energy acquisition corporation: means a public corporation formed under this chapter, which shall be a public instrumentality of its associated municipality and of the state of Tennessee. See Tennessee Code 7-39-102
          • Energy distribution system: means a system for the distribution of natural gas or electric power that is owned or operated by a municipality or any board or agency of the municipality. See Tennessee Code 7-39-102
          • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
          • Escrow: Money given to a third party to be held for payment until certain conditions are met.
          • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
          • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
          • farm products: means forage and sod crops. See Tennessee Code 1-3-105
          • Fiduciary: A trustee, executor, or administrator.
          • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
          • Fraud: Intentional deception resulting in injury to another.
          • Generally applicable local law: means an ordinance, resolution, regulation, rule, or other requirement of any type other than zoning enacted, maintained, or enforced by a local governing body that applies to all property or use of all property and does not apply only to property used as a short-term rental unit. See Tennessee Code 13-7-602
          • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
          • Governing body: means , with respect to a municipality that is an associated municipality of, or purchaser of gas from, an acquisition corporation established to exercise the powers described in this chapter with respect to natural gas and natural gas substitutes, any board, commission or other instrumentality of such municipality having jurisdiction, control and management of the gas distribution system of that municipality, and, with respect to a municipality that is an associated municipality of, or purchaser of electrical power from, an acquisition corporation established to exercise the powers described in this chapter with respect to electrical power, any board, commission or other instrumentality of such municipality having jurisdiction, control and management of the electrical power distribution system of that municipality. See Tennessee Code 7-39-102
          • Grand-mentoring: means collaborative projects between persons sixty (60) years of age or older and students in kindergarten through twelfth (K-12) grade. See Tennessee Code 43-24-102
          • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
          • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
          • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
          • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
          • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
          • Investment period: means the period January 1, 2010, through December 31, 2019. See Tennessee Code 4-28-102
          • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
          • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
          • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
          • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
          • Lien: A claim against real or personal property in satisfaction of a debt.
          • Livestock: means all equine as well as animals that are being raised primarily for use as food or fiber for human utilization or consumption including, but not limited to, cattle, sheep, swine, goats, and poultry. See Tennessee Code 1-3-105
          • Local governing body: means the legislative body of a city, municipality, county, or other political subdivision of this state that has authority to enact a zoning ordinance, resolution, regulation, rule, or other requirement of any type regarding land use in its jurisdiction. See Tennessee Code 13-7-602
          • Local government: means any municipality, county or metropolitan government. See Tennessee Code 43-24-102
          • Member: includes actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 43-16-103
          • Metropolitan government: means the political entity created by consolidation of all, or substantially all, of the political and corporate functions of a county and a city or cities. See Tennessee Code 7-1-101
          • Minority-owned business: means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state. See Tennessee Code 4-28-102
          • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
          • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
          • Municipality: means any county, incorporated city, town or metropolitan government, utility district, energy acquisition corporation or gas, electric or energy authority in this state. See Tennessee Code 7-39-102
          • Municipally-owned: means owned by a municipality as defined in this chapter. See Tennessee Code 7-39-102
          • Oath: includes affirmation. See Tennessee Code 1-3-105
          • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
          • Participating investor: means any insurance company required to pay the gross premiums tax pursuant to §. See Tennessee Code 4-28-102
          • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
          • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
          • Person: means any natural person or entity, including, but not limited to, a corporation, general or limited partnership, trust or limited liability company. See Tennessee Code 4-28-102
          • Person: includes an individual, firm, partnership, corporation, and association. See Tennessee Code 43-16-103
          • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
          • Plat: includes plat, plan, plot or replot. See Tennessee Code 13-3-401
          • Plat: includes plat, plan, plot or replot. See Tennessee Code 13-4-301
          • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
          • Profit share percentage: means a fee paid to the state by a qualified TNInvestco as provided in §. See Tennessee Code 4-28-102
          • Prohibit: means to forbid or ban the operation of short-term rental units, either permanently or temporarily, within a local governing body's jurisdiction, portion of the local governing body's jurisdiction, or a portion of an owner's property. See Tennessee Code 13-7-602
          • Property: includes both personal and real property. See Tennessee Code 1-3-105
          • Property: means a tract of land as recorded with the register of deeds office of the county where the property is located. See Tennessee Code 13-7-602
          • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
          • Provider: means any person engaged in renting a short-term rental unit and includes an owner of a residential unit that is made available through a vacation lodging service as that term is defined in §. See Tennessee Code 13-7-602
          • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
          • Qualified business: means a business that is independently owned and operated and meets all of the following requirements:

            • (i) It is headquartered in this state, its principal business operations are located in this state, and at least sixty percent (60%) of its employees are located in this state. See Tennessee Code 4-28-102

            • Qualified investment: means the investment of cash by a qualified TNInvestco in a qualified business for the purchase of equity, equity options, warrants, or debt convertible to equity. See Tennessee Code 4-28-102
            • Quorum: The number of legislators that must be present to do business.
            • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
            • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
            • Regional planning commission: means any regional planning commission established by the department of economic and community development as provided by law, and includes any municipal planning commission designated by the department as the regional planning commission of a planning region composed of the territory of a single municipality, together with the territory adjoining but outside of such municipality, no part of which is outside the municipality's urban growth boundary or, if no such boundary exists, more than five (5) miles beyond the limits of such municipality. See Tennessee Code 13-3-401
            • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
            • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
            • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
            • Residential dwelling: means a cabin, house, or structure used or designed to be used as an abode or home of a person, family, or household, and includes a single-family dwelling, a portion of a single-family dwelling, or an individual residential dwelling in a multi-dwelling building, such as an apartment building, condominium, cooperative, or timeshare. See Tennessee Code 13-7-602
            • Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
            • roads: means , relates to and includes roads, streets, highways, avenues, boulevards, parkways, lanes or other ways or any part thereof. See Tennessee Code 13-3-401
            • Seed or early stage investment: means an investment in a company that has a product or service in testing or pilot production that may or may not be commercially available. See Tennessee Code 4-28-102
            • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
            • Sewerage system: means all or any part of the following:

              • (A) The collecting system. See Tennessee Code 7-35-401

              • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
              • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
              • State premium tax liability: means any liability incurred by an insurance company under §. See Tennessee Code 4-28-102
              • Statute: A law passed by a legislature.
              • streets: means and includes streets, avenues, boulevards, roads, lanes, alleys and other ways. See Tennessee Code 13-4-301
              • Subdivision: means , in any county having a population of not less than thirty-two thousand seven hundred (32,700) nor more than thirty-two thousand seven hundred sixty (32,760), according to the 1980 federal census or any subsequent federal census, the division of a tract or parcel of land into two (2) or more lots, sites or other divisions for the purpose, whether immediate or future, of sale or building development, and includes resubdivision and, when appropriate to the context, relates to the process of subdividing or to the land or area subdivided. See Tennessee Code 13-3-401
              • Subdivision: means , in any county having a population of not less than thirty-two thousand seven hundred (32,700) nor more than thirty-two thousand seven hundred sixty (32,760), according to the 1980 federal census or any subsequent federal census, the division of a tract or parcel of land into two (2) or more lots, sites or other division of less than five (5) acres for the purpose, whether immediate or future, of sale or building development, and includes resubdivision and, when appropriate to the context, relates to the process of subdividing or to the land or area subdivided. See Tennessee Code 13-4-301
              • Subscription: includes a mark, the name being written near the mark and witnessed. See Tennessee Code 1-3-105
              • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
              • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
              • TNInvestco: means a partnership, corporation, trust or limited liability company, whether organized on a for-profit or not-for-profit basis that completes the application process in §. See Tennessee Code 4-28-102
              • unit: means a residential dwelling that is rented wholly or partially for a fee for a period of less than thirty (30) continuous days and does not include a hotel as defined in §. See Tennessee Code 13-7-602
              • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
              • Use: means , when applied to gardening and beekeeping, to make use of, without conveyance of title or any other ownership. See Tennessee Code 43-24-102
              • Used as a short-term rental unit: means the property was held out to the public for use as a short-term rental unit, and:

                • (A) For property that began being held out to the public for use as a short-term rental unit within the jurisdiction of a local governing body that required a permit to be issued or an application to be approved pursuant to an ordinance specifically governing short-term rental units prior to using the property as a short-term rental unit, a permit was issued or an application was approved by the local governing body for the property. See Tennessee Code 13-7-602

                • Vacant public land: means any land owned by a local government that is not in use for public purposes. See Tennessee Code 43-24-102
                • Works: means the waterworks or sewerage system. See Tennessee Code 7-35-401
                • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
                • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105