NASHVILLE — In a rare legislative session Saturday, state senators gave final approval to a measure expanding state tax credits offered by state’s venture capital program, known as TNInvestco.
The program makes available an additional $80 million in tax credits for venture capital firms.
In giving final approval, the Senate voted 20-5 to concur with a House amendment that says venture capital firms should strive to “maximize” participation of minority-owned and women-owned businesses.
The bill now goes to Gov. Phil Bredesen.
In other legislative action:
* Senators concurred Saturday with a House amendment and sent to the governor a Hamilton County bill. Upon approval by two-thirds of Hamilton County commissioners, the bill authorizes the county register’s office to collect a $2 electronic filing submission fee for each electronically filed document recorded through the register’s electronic filing portal.
House changes expanded the bill’s provisions to all counties in Tennessee provided their county commissions approve it. The Senate bill was sponsored by Sen. Bo Watson, R-Hixson.
* The House on Friday sent to the governor a bill that requires felons convicted of armed robbery to serve more than double the amount of time in jail than they currently do.
The bill pays for that by diverting first-time thieves and others convicted of minor property thefts from jail to community corrections programs and requiring them to pay restitution.
Sen. Douglas Henry and Rep. Gary Odom, both Nashville Democrats, sponsored the measure that gained bipartisan favor.
Armed robbers now serve about 2.3 years. That would now rise to about 5.8 years, according to an Odom aide. It also would generate annual savings to the state of about $540,000. Prosecutors and police chiefs supported the measure.
* Rep. Curry Todd, R-Collierville, told the Memphis Commercial Appeal on Saturday that his bill allowing handgun-carry permit holders to go armed in establishments selling alcohol for on-premises consumption won’t go into effect for several more days.
Lawmakers last week overrode Gov. Phil Bredesen’s veto of the legislation. The bill now must be processed by legislative officials and then assigned a public chapter number by the secretary of state. That could occur by the end of this week, Rep. Todd said.
Until then, it remains illegal to carry a gun into a business that serves alcoholic beverages in Tennessee. Rep. Todd said he will make a public announcement when it becomes legal.
When that happens, permit holders can go armed unless the establishment posts signs against doing so. Permit holders caught consuming alcohol while carrying their gun face a fine of up to $2,500 and up to 11 months, 29 days in jail. In addition, a permit holder convicted of consuming alcohol in a place serving alcohol loses his or her license for three years.