Bill No.: HB0106                  Drafter:  MQ

LSO No.:  10LSO-0061              Effective Date:

Enrolled Act No.:  HEA0049

Chapter No.:

Prime Sponsor:     Representative Pedersen

Catch Title:       Small business investment credit.

Subject:  Creates the Wyoming small business investment credit program.

Summary/Major Elements:

· Creates an economic development program to assist small local businesses with start-up financial "seed" money when the businesses have difficulty finding traditional funding.

· Licenses private investment managers with knowledge and industry expertise who raise private capital from insurance companies to be invested in qualified companies.  The capital is required to be invested in Wyoming businesses prior to the tax credits coming due.

· The companies must be headquartered in the state, have fewer than 100 employees, and agree to remain in the state after investment.

· The total aggregate amount of investment tax credits under the program shall not exceed $30,000,000.

· Wyoming business council certifies the private investment managers.

Comments:

· Creates/amends major program – Wyoming small business investment credit program