May 26th, 2010
Contact: Darlene Schlicher (615) 741-6336 or email: darlene.schlicher@capitol.tn.us
(NASHVILLE, TN), May 25, 2010 — The State Senate has approved a major job creation bill sponsored by State Senator Doug Overbey (R-Maryville) to expand the state’s TNInvestco tax credit program by $80 million. The innovative new program provides investment capital to small, medium and start up businesses in Tennessee and is considered a model job growth plan by other states.
“Small businesses provide 67 percent of first jobs and produce the majority of innovations,” said Senator Overbey, who also sponsored the bill which implemented the program. “However, access to capital is a huge obstacle to success. This legislation provides a vehicle for small and start up businesses to take an innovative idea and commercialize it, creating jobs for Tennesseans.”
In October, six investment firms were chosen to receive an allocation of $20 million dollars in gross premiums tax credits which are then marketed to insurance companies to create a pool of venture capital funds for investment in start-up and mid-stage companies in Tennessee. The legislation would allow the program to include four additional participants already selected as alternates. It also adds improvements to the bill to increase transparency and accountability in the program. Overbey said the improvements include a scorecard kept by the state to make sure that qualified TNInvestcos are following program guidelines and obligations to maximize investment potential.
Under the plan, investors receive a tax credit against insurance premiums taxes that spread over years three through ten of the program. Even though the capital will be available for small businesses immediately, there are no tax credits for investors until 2012. Capital returned to the state through the program must first go to the General Fund, with any remaining funds to be deposited in the Rural Opportunity Fund which helps economically distressed counties grow jobs. Other state programs are generally dollar for dollar subsidies.
“Innovation does not know geographical boundaries,” added Overbey. “What truly separates this program from those being used in other states is that it will pay for itself down the road and puts money into the Rural Opportunity Fund. That fund focuses on job growth in some of the most economically distressed areas of the state where unemployment is very high.”
“TNInvestco allows us to create jobs, provide capital for small and start up businesses and also helps us get our seed investment back,” Overbey continued. “I am very pleased the bill was approved in our State Senate.”
The bill is pending action in the House Finance Committee where it will be heard today. It will then go to the House floor for final action as the General Assembly is looking to conclude their business by next week.
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Reference: Senate Bill 3049 / Other details on the program can be founds at www.tninvestco.gov
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April 21st, 2010
(NASHVILLE, TN), April 13, 2010 — The Senate has approved legislation sponsored by Senator Doug Overbey (R-Maryville) that would provide assistance to homeowners who are about to lose their home due to non-payment and gives them the opportunity to contact their lender in an effort to avoid foreclosure. The bill, Senate Bill 3519, works to find a resolution and to see if there are any governmental programs or other assistance available to homeowners to help them avoid a foreclosure sale
“This bill provides more opportunity for homeowners to work with their bank to try and find some resolution to avoid a foreclosure sale or to see if there are any governmental programs available that they can qualify for to avoid a foreclosure sale,” said Senator Overbey. “It is a timely bill given where we are in the current state of the economy and the high number of foreclosures.”
Tennessee ranked 26th in the nation in February according to Realty Trac Inc.’s U.S. Foreclosure Market Report. The state has consistently ranked among states with the highest number of foreclosures for the past decade.
Overbey’s legislation requires that a lender, trustee, or other creditor send the debtor a notice of the right to foreclose no less than 60 days prior to the first publication of a notice of a foreclosure sale of a deed of trust, mortgage, or other lien securing the payment on an owner-occupied residence. The notice must contain sufficient information to allow the debtor to contact the lender to discuss options available to the debtor. If the trustee determines at the time of the sale that notice of the right to foreclose was not sent to the debtor as required, the debtor may request postponement of the sale for 30 to 60 additional days to allow time needed to examine other possible resolutions.
“This is a time of great hardship for many Tennessee families who are having trouble making their mortgage payments,” added Overbey. “This legislation gives them an additional tool to help them save their home by working out a resolution with their lender.”
The bill now goes to Governor Phil Bredesen for his signature.
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December 14th, 2009
December 6, 2009
Thank you for the tremendous honor to be among you today. In front of us, we have freedom’s heroes. It’s because of men and women like these that we enjoy freedom in this country. Thank you for your service.
We are eight years removed from 9-11. As we get further from that fateful day, it is easier for some to forget the terror that occurred on that day.
Many say, we won’t forget but I wonder just how many of us may have thought today about the unannounced military strike against a US naval base in the Pacific Ocean that occurred 68 years ago. Let’s remember those who lost their lives at Pearl Harbor and let’s remember 9-11.
Continued acts of cowardice should serve to remind us that we remain under attack from an enemy who chooses to hide behind innocent victims, including those of their own nationality and beliefs. Thank God we have men and women willing to risk their lives to fight this evil. We appreciate your sacrifice.
And, thank you for representing us — and I mean our nation, our state, and our local hometowns — with honor. In this world of new technology, we have seen the many images of heroism of the finest men and women our nation has to offer from our armed services. Our soldiers continue to show the heart and soul of this country.
We have seen the compassion shown to a people who have knew nothing but tyranny and terror before Operation Enduring Freedom….Those people and their children — and the direction they will take in the future — will be forever changed for the better because of your service. You have extended a helping hand to a nation that would otherwise represent a threat to the peace and stability — and that, in turn, affects the safety and security of the world.
If not for soldiers like you – our patriotic Tennessee volunteers and ambassadors of freedom – the world would be a dark place. I join millions of your fellow Americans who believe that your service to our nation is nothing short of inspirational.
Today I am humbled and honored to present to Captain Wingo on behalf of Alpha Battery a Tennessee flag flown over our state capitol to go with you on this journey. May it wave proudly as it follows this unit to Iraq and serve to remind you of your Tennessee home and the people of this state who are so proud to call you native sons and daughters.
Thank you for representing our nation, our state, and our hometowns with honor. We are proud of you. But most of all we offer our prayers that we will have you back home safe.
God bless you and may God bless America!
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July 2nd, 2009
Tennesseans on this Independence Day are just as much in the forefront of the struggle for freedom as their Revolutionary War ancestors
As families across the state gather on this Independence Day to observe the founding of our nation’s freedom with picnics, fireworks, parades and other special events, may we all remember those who have fought and are still fighting for the cause of freedom. We have much to be proud of in Tennessee regarding our state’s rich heritage in protecting and defending the precious rights we enjoy as Americans.
As we look back on our nation’s struggles in the American Revolution, even before Tennessee became a state, our ancestors had already begun bravely to answer the call of freedom. It started at Kings Mountain, which was one of the most decisive Patriot victories of the Revolutionary War. Tennessee rebels left their homes, marched hundreds of miles over mountainous terrain and were victorious over British troops, forcing them into a series of maneuvers that eventually led to the surrender at Yorktown.
This early example of heroics set the path for Tennesseans, whom time and time again would show that, when our homes and our liberties are threatened, our volunteers will go forth to meet the threat head-on. For that reason, Tennesseans went to war again, marching off to New Orleans in 1812 to crush another British threat to the South and making a Tennessee General, Andrew Jackson, the only national hero to emerge from that war.
When Tennessee was called upon for 2,800 soldiers in the next major U.S. confrontation with Mexico in 1848, an overwhelming 30,000 came forward, and hence forth, Tennessee has been known as the Volunteer State.
In 1861 Union was torn with the War Between the States. Tennesseans became leaders for both sides of the struggle. Our state became a major battle ground of the war that followed, and not one of Tennessee’s citizens was left untouched.
When a united America once again called upon Tennessee during the war with Spain in the late 1800’s, the the Volunteer state rose to the occasion, filling the ranks of service from Cuba to the Philippines.
As the 20th century dawned, Tennesseans responded to freedom’s call in the first and second World Wars. Likewise, many young Tennesseans fought bravely in the jungles of Vietnam. The men and women who fought in these wars, like those stationed overseas today, are not just American heroes, but heroes to many nations.
In fact, it was a Tennessee artillery battalion that was among the first to reach the Euphrates River in Iraq during the Gulf War and the first flag to be raised over liberated Kuwait City was the flag of Tennessee.
In the current conflict in Iraq, more than 12,000 brave citizen soldiers and airmen from the Volunteer State have answered the call to active duty. Tennessee is the model state in the nation for the number of citizen soldiers, truly living up to our “Volunteer” name.
I’m proud of our service men and women. They are persons of character and conviction, and they are literally changing our world. Our prayers continue to go out to them for their safe return.
Tennesseans serving in Afghanistan and Iraq today are just as much in the forefront of the struggle for freedom as their ancestors were at Kings Mountain, whose victory we celebrate on this Independence Day. As long as America is blessed with such heroes, the efforts of the Founding Fathers will not have been in vain, and the fruits of their labors will be preserved for future generations.
Best regards,
Doug Overbey
State Senator
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June 11th, 2009
(NASHVILLE, TN), June 10, 2009 — Legislation sponsored by State Senator Doug Overbey (R-Maryville) was approved today in the State Senate urging the Tennessee Valley Authority (TVA) Board of Directors to enter into a long-term contract with Aluminum Company of America (Alcoa). The resolution, SJR 622, was approved unanimously after all members of the State Senate signed on to co-sponsor the measure.
“I was very pleased at the overwhelming bi-partisan support of our State Senate on this Resolution,” said Senator Overbey. “Approximately 500 jobs are dependent on restarting the smelter which, in turn, is dependent upon completing this contract. This Resolution sends a message to Congress and the TVA that Tennessee believes it is critical to finalize this contract.”
Alcoa has been in operation in Blount County since 1913, nearly three decades before the TVA was established. Currently its Tennessee Operations, which involve the manufacture of primary aluminum and aluminum can sheet, employs approximately 1,600 persons. The company has an economic impact of more than $3 billion dollars annually in Blount County and East Tennessee.
In March, Alcoa announced a temporary curtailment of its Primary Metals facility and employee layoffs due to economic condition. According to Alcoa officials, a key driver in their ability to restart the plant is whether or not they have a competitive long-term power contract with the Tennessee Valley Authority. Alcoa and the Board of Directors of the Tennessee Valley Authority are currently in good faith negotiations regarding the contract.
“The smelter’s power cost is in the top 15 percent of all smelters in North America,” added Overbey. “It is vital that TVA realize the economic impact Alcoa has on Blount County and all East Tennessee.”
The bill calls for the resolution to be delivered to TVA’s Board of Directors and each member of the Tennessee Congressional delegation.
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May 6th, 2009
(NASHVILLE, TN), May 5, 2009 — The State Senate approved comprehensive legislation sponsored by Senator Doug Overbey (R-Maryville) on Monday that would benefit Tennessee consumers who utilize the services of debt management specialists. The legislation, named the “Uniform Debt Management Services Act,” provides guidance and regulation to the consumer debt management industry while also providing fairer services to debtors.
“As the recession has deepened, we are finding more and more consumers turning to debt management companies, which have tripled in number over the past few years,” said Senator Overbey. “There have been frequent instances or accusations of abuse by consumers who utilize these services. This legislation regulates the industry in uniformity with other states, while protecting consumers.” Read the rest of this entry »
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January 23rd, 2009
State Senate organizes business as
106th General Assembly convenes
(NASHVILLE, TN), January 15, 2009 — The 106th General Assembly was gaveled to order this week in Nashville as the state’s 132 lawmakers took the oath of office, elected officers and organized to begin the business of the 2009-2010 legislative sessions.
Families and friends crowded the Senate chamber and watched as the sixteen newly elected or re-elected members of the State Senate took the oath of office, which was the first order of business during the organizational session.
On a personal note, I was honored to have my wife, Kay; daughter and son-in-law, Kathleen and Ryan Thomas; and, many friends from Sevier and Blount Counties present in the Senate Chamber and gallery for the event. Read the rest of this entry »
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