Administrative Rule Review Report: #AR11-066

Legislative Service Office

22-Nov-11

AGENCY: Wyoming Business Council

DATE SUBMITTED: 11/22/2011

SUBJECT: Chapter 2, Wyoming Small Business Credit Program Fee Schedule

NATURE OF RULES:                   Statutory.

STATUTORY AUTHORITY:        W.S. 9-12-104(a)(iv);  9-12-1308(b)

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION

SUBMITTED BY THE AGENCY TO LSO:  Apparently complete to date.

SUMMARY OF RULES:

These rules amend Chapter 2 of the rules and regulations of the Wyoming Small Business Investment Credit Program.  The rules increase the annual certification fee under the Program for Wyoming small business investment credit companies from $102,000 to $114,405. 

By way of background, the Wyoming Small Business Investment Credit Program was created in 2010.  The Program provides a credit against any state premium tax liability up to one hundred percent (100%) of the participating investor's investment of designated capital in a Wyoming small business investment company (W.S. 9-12-1305).

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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Matthew D. Obrecht

Staff Attorney

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Gerald W. Laska

Staff Attorney

MDO/cj