Small business investment credit.

09LSO-0557.L3

FISCAL NOTE

	FY 2010	FY 2011	FY 2012
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase:
GENERAL FUND	20,000	15,000	15,000

Source of revenue increase:

Application fees - $10,000 at time of filing the application

Certification fees - $7,500 per year

Assumptions:

The above estimate assumes the establishment of 2 Wyoming Small Business Investment companies.

FY 2010 FY 2011 FY 2012

Application fees

  Company #1               $10,000         $      0        $     0

  Company #2               $10,000         $      0        $     0

Annual certification fees                 

  Company #1               $     0         $  7,500        $ 7,500

  Company #2               $     0 $  7,500 $ 7,500

Total                      $20,000 $ 15,000 $15,000

This bill proposes to permit insurance companies to invest in “Wyoming Small Business Investment Companies,” as defined, and to receive a premium tax credit in tax years 2013 through 2019 in an amount equal to 14.2857% of the investment amount. The bill would allow premium tax credits of a maximum of $20 million over the seven year period. Wyoming Small Business Investment Companies shall contribute to the General Fund an amount equal to 10% of all distributions to the equity holders of the Wyoming Small Business Investment Company, other than “qualified distributions” as defined, and distributions of paid-in capital contributed to a Wyoming Small Business Investment Company by the equity holders.

Prepared by:   Dean Temte, LSO  Phone: 777-7881

(Information provided by Stephanie McGee, Insurance Dept.; 777-6896:

Diane Joyce, Wyoming Business Council; 777-2848)

NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

Wyoming Business Council