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VOL. 40 | NO. 46 | Friday, November 11, 2016

Audit: Tennessee venture capital program recovers little

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NASHVILLE (AP) - An audit of a state venture capital program called TNInvestco has found that Tennessee has recovered only $5 million of its $200 million investment.

The program enacted in 2009 was aimed at encouraging start-up companies to set up shop and create jobs in the state. It was funded through the sale of discounted tax credits to insurance companies.

Comptroller Justin Wilson says his office's audit indicates that "it doesn't appear that the TNInvestco program has been successful," and urged lawmakers to consider the effect on taxpayers before considering similar programs in the future.

The audit also found that the business seeking jobs training and infrastructure grants have been submitting conflicting and unclear reports how the number of jobs they created after receiving the money.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0