Amends TCA Title 4; Title 5; Title 6; Title 7; Title 12; Title 13; Title 42; Title 43; Title 44; Title 45; Title 46; Title 47; Title 48; Title 50; Title 53; Title 54; Title 55; Title 56; Title 61; Title 62; Title 65; Title 66; Title 67 and Title 68.

ON APRIL 27, 2021, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 1552, AS AMENDED.<br /> <br /> AMENDMENT #1 rewrites this bill and makes the following revisions to the Tennessee Small Business Investment Company Credit Act regarding TNInvestco, as follows:<br /> <br /> (1) Defines, for the purposes of the Act, "end date profit share percentage" as a fee paid to the state by a qualified TNInvestco as provided in the Act in an amount equal to 99 percent of all distributions or payments made by a qualified TNInvestco that are not classified as qualified distributions, other than distributions or repayments of capital contributions by the TNIvestco's equity owners who are not participating investors and that occur after the program end date;<br /> <br /> (2) Defines, for the purposes of the Act, "program end date" as December 31, 2025;<br /> <br /> (3) Revises the present law provision requiring that the profit share percentage be paid to the state in the same time and manner as all other distributions as provided by the Act. This amendment instead requires that the profit share percentage or the end date profit share percentage be paid to the state;<br /> <br /> (4) Revises the present law provision whereby at any time that the TNInvestco makes distributions, other than qualified distributions or distributions representing repayments of capital contributions, to its equity investors, the qualified TNInvestco must pay to the state the profit share percentage. This amendment makes the provision applicable "prior to or on the program end date" and adds that after the program end date, any time that the TNInvestco makes such distributions, the qualified TNInvestco must pay to the state the end date profit share percentage; <br /> <br /> (5) Revises the present law requirement for the department of finance and administration to obtain all necessary information from each TNInvestco to support the state's profit share percentage. This amendment makes the provision applicable to the end date profit share percentage as well; and <br /> <br /> (6) Adds to the present law requirement that the department liquidate, beginning December 31, 2021, any remaining ownership interests owned by the state, that qualified investments that are liquidated after the program end date must be distributed between the qualified TNInvestco and the state according to the end date profit share percentage. <br /> <br /> ON MAY 4, 2021, THE HOUSE SUBSTITUTED SENATE BILL 1552 FOR HOUSE BILL 1522, ADOPTED AMENDMENT #1, AND PASSED SENATE BILL 1552, AS AMENDED.<br /> <br /> AMENDMENT #1 changes the program end date from "December 31, 2025" to "December 31, 2023." <br /> <br /> ON MAY 5, 2021, THE SENATE NONCONCURRED IN HOUSE AMENDMENT #1.<br /> <br /> ON MAY 5, 2021, THE HOUSE REFUSED TO RECEDE FROM ITS ADOPTION OF HOUSE AMENDMENT #1.<br /> <br /> ON MAY 5, 2021, THE SENATE REFUSED TO RECEDE FROM ITS NONCONCURRENCE IN HOUSE AMENDMENT #1, AND APPOINTED A CONFERENCE COMMITTEE.<br /> <br /> ON MAY 5, 2021, THE HOUSE APPOINTED A CONFERENCE COMMITTEE.<br /> <br /> ON MAY 5, 2021, THE SENATE ADOPTED THE CONFERENCE COMMITTEE REPORT AND MADE IT THE ACTION OF THE SENATE.<br /> <br /> ON MAY 5, 2021, THE HOUSE ADOPTED THE CONFERENCE COMMITTEE REPORT AND MADE IT THE ACTION OF THE HOUSE.<br />