Bredesen pushes tax credit program to help rural areas
Thursday September 13, 2007
the Associated Press
From: WKRN - News 2 in Nashville, TN
NASHVILLE, Tenn. -- Gov. Phil Bredesen says rural development will be a major focus of the remainder of his second term in office.
Bredesen, a Democrat, says the state has launched a tax credit program called the Rural Opportunity Initiative targeting areas like the Cumberland Plateau and the Tennessee River Valley.
In addition to those tax incentives, the state is working with private lenders to create a venture capital pool to spur development and jobs creation.
Banks are encouraged to participate in the Rural Opportunity Fund through state tax credits. The state initially put $1 million into the fund that now stands at $10 million.
