Administrative Rule Review Report         #   AR10-066

Legislative Service Office

27-Sep-10

AGENCY:                                 Wyoming Business Council

DATE SUBMITTED:                   9/20/2010

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:  Notice of the proposed adoption of new rules was provided by the LSO as required by W.S. 28‑9‑103(d).  No comments have been received to date.  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, provide for certification of compliance and for 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.

 

 

 

                                                            _______________________

                                                            Maxine R. Weaver

                                                            Staff Attorney

 

 

 

                                                            _______________________

                                                            Lynda G. Cook

                                                            Staff Attorney

MRW