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



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



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



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



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



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



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



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