Wyoming Small Business Investment Credit Program
In one sentence
Plain language
Official record
Bill No.: <billno> Drafter: <drafterinit> 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
Public statements
Last checked Aug 8, 6:25 AM
S04
Why they voted this way
The lawmaker opposes the amendment because limiting funding to $30 million effectively kills a program that is comparable in scale and necessity to larger programs in other states.
Why they voted this way
The lawmaker supports the bill because large investors require significant deal sizes to participate, and the current funding level is too small to attract their interest based on personal experience.
Why they voted this way
The lawmaker opposes the amendment because he believes amendments should not be used to whittle down a bill, and members should simply vote for or against the entire measure.
Why they voted this way
The lawmaker opposes the amendment because he believes delaying the funding impact until later years will result in a higher cost due to the time value of money if the program succeeds.
R · S25
Why they voted this way
The lawmaker opposes the bill because he views intercepting tax revenue for this purpose as unconstitutional appropriation to private entities, which is prohibited by the state constitution.
Why they voted this way
The lawmaker opposes the bill because a specific provision allows investment companies unrestricted discretion over funds not invested in qualified projects, which she views as an unconstitutional appropriation of general fund money.
Why they voted this way
The lawmaker argues that traditional funding sources are unavailable for small businesses due to tighter lending rules and late-stage venture capital, creating a gap this bill fills. He cites studies showing the program will create jobs and generate significant net returns for the state by leveraging tax incentives.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
7 roll calls
Official activity
Changes
3 stored
Adopted Standing Committee by H03
Failed 2nd reading by CASE
Failed 3rd reading by MEIER