H.B. No. 0291
Small business investment credit.
Sponsored By: Representative(s) Pedersen, Anderson, R., Berger, Buchanan, Gingery, Harshman, Illoway, Jorgensen, McOmie, Millin, Philp, Quarberg, Simpson, Stubson and Teeters and Senator(s) Bebout, Burns, Coe, Ross and Schiffer
AN ACT relating to economic development; providing definitions; providing requirements for certification as a small business investment company; providing requirements for participating investors; providing a credit against certain taxes for certain investments; requiring reports; and providing for an effective date.
1/28/2009 Bill Number Assigned
1/30/2009 H Received for Introduction
1/30/2009 H Introduced and Referred to H03
2/2/2009 H03 Recommended Do Pass
Ayes: Representative(s) Anderson, R., Edmonds, Esquibel, K., Goggles, Madden, Miller, Petersen, Semlek and Wallis
Ayes 9 Nays 0 Excused 0 Absent 0 Conflicts 0
2/2/2009 H Placed on General File
HB0291HW001/ADOPTED (CORRECTED COPY)
Page 3-line 14 After "of" delete "the" insert "a".
Page 3-line 15 After "investor's" delete balance of line.
Page 3-line 16 Delete the line through "a".
Page 8-line 23 After "fee" delete balance of line and insert "equal to the annual certification fee provided under W.S. 9-12-1208(b);".
Page 8-line 24 Delete entirely.
Page 13-line 20 After "claim" insert "in the next year".
Page 13-line 21 Delete "in" insert "for"; after "years" insert "2012,"; after "2017" delete "," insert "and".
Page 13-line 22 Delete "and 2019".
Page 16-line 12 Delete "revenue" insert "insurance".
Page 23-line 7 Delete "fifteen percent (15%)" insert "twenty percent (20%)".
Page 24-line 20 Delete "investors insurance tax" insert "investor's national association of insurance commissioners".
Page 25-line 13 Delete "fifteen percent" insert "twenty percent (20%)".
Page 25-line 14 Delete "(15%)".
Page 27-lines 4 through 13 Delete entirely and insert:
"(b) The business council shall set annual certification fees through rule and regulation in the manner provided in W.S. 33-1-201(a). A Wyoming small business investment company shall submit to the council the annual, nonrefundable certification fee on or before April 1 of each year. The annual certification fee shall not be required for the year if the payment date under this subsection is within six (6) months of the date a Wyoming small business investment company is first certified by the council under W.S. 9-12-1203.".
Page 31-line 13 Delete "director of the department of revenue" insert "insurance commissioner". PEDERSEN
2/5/2009 H Passed CoW
Page 11-line 4 Delete "June" insert "September". PEDERSEN
2/6/2009 H Passed 2nd Reading
2/9/2009 H Passed 3rd Reading
Ayes: Representative(s) Anderson, R., Bagby, Barbuto, Berger, Blake, Bonner, Brechtel, Brown, Buchanan, Byrd, Cannady, Carson, Childers, Cohee, Connolly, Craft, Davison, Diercks, Edmonds, Esquibel, K., Gilmore, Gingery, Goggles, Hammons, Harshman, Harvey, Illoway, Jaggi, Landon, Lockhart, Lubnau, Madden, McKim, McOmie, Mercer, Meyer, Miller, Millin, Moniz, Patton, Peasley, Pedersen, Petersen, Philp, Quarberg, Roscoe, Semlek, Shepperson, Simpson, Stubson, Teeters, Thompson, Throne, Wallis, Zwonitzer, Dn. and Zwonitzer, Dv.
Nays: Representative(s) Hales, Hallinan, Jorgensen and Steward
Ayes 56 Nays 4 Excused 0 Absent 0 Conflicts 0
2/10/2009 S Received for Introduction
2/10/2009 S Introduced and Referred to S09
2/17/2009 S09 Recommended Amend and Do Pass
Ayes: Senator(s) Bebout, Cooper, Hunnicutt, Larson and Martin
Ayes 5 Nays 0 Excused 0 Absent 0 Conflicts 0
2/17/2009 S Placed on General File
HB0291SS001/ADOPTED (TO ENGROSSED COPY)
Page 6–line 5 After "payment" delete "not"; delete "to a participating".
Page 6–line 6 Delete through "participating investor".
Page 11–line 4 Delete "2009" insert "2010".
Page 11–line 6 Delete "may" insert "shall".
Page 17-line 20 Delete "9-12-1203(f)" insert "9-12-1203(e)". LARSON, CHAIRMAN
HB0291SW001/ADOPTED (TO ENGROSSED COPY)
Page 15-line 3 Delete "may" insert "shall".
Page 19-line 17 Delete "levy a fine" insert "impose a civil penalty".
Page 19-line 22 After "behalf." insert "The council shall provide by rule, notice and opportunity for hearing prior to imposing a civil penalty under this subsection. In determining the amount of the penalty the council shall consider the direct and indirect cost to the state as a result of the investor's failure to invest the full amount of designated capital.".
Page 20-line 23 Delete "must" insert "shall".
Page 28-line 11 After "owners" insert "by payment to the Wyoming business council. The council shall upon receiving payment from the Wyoming small business investment company transmit the funds to the state treasurer for deposit to the general fund".
Page 28-line 12 Delete "effect" insert "affect". ROSS
HB0291SW002/ADOPTED (TO ENGROSSED COPY)
Page 5-line 1 After "lending" insert "except for a bank holding company as defined in W.S. 13‑1‑101(a)(iii) which is authorized to establish a small business investment company".
Page 9-line 15 After "industry" insert "or five (5) years of experience as an officer in a commercial bank and acceptable business qualifications as determined by the council". COOPER, ROSS, MARTIN, HUNNICUTT, BEBOUT
2/23/2009 S Passed CoW
HB0291S2001/ADOPTED (TO ENGROSSED COPY)
Page 15-line 9 Delete "two (2)" insert "four (4)".
Page 15-lines 15 through 20 Delete and renumber.
Page 15-line 22 Delete "(iii)" insert "(ii)". SCHIFFER, BEBOUT
HB0291S2002/ADOPTED (TO ENGROSSED COPY)
Page 9-line 15 In the Cooper, et al. Committee of the Whole Amendment (HB0291SW002/AE) to this line, before "council" insert "Wyoming state banking commissioner and the". DOCKSTADER, COOPER, ROSS, MARTIN, HUNNICUTT
HB0291S2003/ADOPTED (TO ENGROSSED COPY)
Page 14-line 9 After "limitation." insert "The premium tax credits provided by W.S. 26-19-312, 26-42-111 and 26-43-105, and deposits to the volunteer firemen's pension account pursuant to W.S. 26-4-102(b)(ii), shall take priority over the premium tax credits provided by this section and shall be calculated using the gross premium tax before the credits provided by this section.". SCOTT
2/24/2009 S Passed 2nd Reading
2/25/2009 S Failed 3rd Reading
Ayes: Senator(s) Anderson, J., Bebout, Burns, Coe, Cooper, Dockstader, Hastert, Hunnicutt, Larson, Martin, Perkins, Peterson, Ross, Townsend and Vasey
Nays: Senator(s) Case, Decaria, Esquibel, F., Geis, Jennings, Johnson, Landen, Massie, Meier, Nicholas, Schiffer, Scott, Sessions and Von Flatern
Excused: Senator(s) Hines
Ayes 15 Nays 14 Excused 1 Absent 0 Conflicts 0
2/25/2009 S Failed 3rd 15-14-1; Failed Reconsideration
Ayes: Senator(s) Burns, Coe, Cooper, Decaria, Esquibel, F., Hunnicutt, Martin, Perkins, Peterson, Ross and Scott.
Nays: Senator(s) Anderson, J., Bebout, Case, Dockstader, Geis, Hastert, Jennings, Johnson, Landen, Larson, Massie, Meier, Nicholas, Schiffer, Sessions, Townsend, Vasey and Von Flatern
Excused: Senator(s) Hines
Ayes 11 Nays 18 Excused 1 Absent 0 Conflicts 0