Administrative Rule Review Report  #AR10-072

Legislative Service Office

28-Oct-10

AGENCY: Wyoming Business Council.

DATE SUBMITTED: October 22, 2010.

SUBJECT: Chapter 1, Wyoming Small Business Investment Credit Program

NATURE OF RULES:                        Legislative, Procedural

STATUTORY AUTHORITY:         W.S. 9-12-104(a)(iv).

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION SUBMITTED BY THE AGENCY TO LSO:  The Wyoming Administrative Procedure Act generally does not apply to the Wyoming Business Council.  W.S. 9-12-103(g).  However, W.S. 9‑12‑104(a)(iv) provides that rules adopted by the Wyoming Business Council will be submitted to the Management Council for review.  These rules were reviewed previously by Management Council as AR10-066.  Following comments by Speaker Colin Simpson, the rules were revised and resubmitted.  Otherwise, procedural compliance is apparently complete to date.

SUMMARY OF RULES:  These new rules are being promulgated to implement the small business investment credit program as a result of 2010 House Bill 0106.  These rules provide definitions, provide for the requirements for certification as a small business investment company, provide requirements for participating investors, provide for the determination of qualified investments, provide for requirements for continuance of certification, provide a credit against certain taxes for certain investments, provide reporting requirements and provide for certification of compliance and decertification.

FINDINGS:  The rules appear to be within the scope of statutory authority and legislative intent.

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.

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Maxine R. Weaver

Staff Attorney

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Lynda G. Cook

Staff Attorney