§ 9-12-1305 — Wyoming small business investment credit

Wyoming § 9-12-1305

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 13: WYOMING SMALL BUSINESS INVESTMENT CREDIT

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(a) A participating investor under this article shall earn
a credit against any state premium tax liability as provided in
this section up to one hundred percent (100%) of the
participating investor's investment of designated capital in a
Wyoming small business investment company.
(b) A participating investor may claim in the year
immediately following a credit under this section for tax years
2013, 2014, 2015, 2016, 2017, 2018 and 2019 in an amount equal
to fourteen and two thousand eight hundred fifty-seven ten-
thousandths percent (14.2857%) of the participating investor's
investment of designated capital.
(c) The credit for any tax year shall not exceed the
participating investor's state premium tax liability for that
tax year. If the amount of the credit determined under this
section for any tax year exceeds the liability for tax under
this chapter, the credit may be carried forward to future tax
years without limitation. The premium tax credits provided by
W.S. 26-19-312, 26-42-111 and 26-43-105, and deposits to the
volunteer firefighter, EMT and search and rescue pension account
pursuant to W.S. 26-4-102(b)(ii), shall take priority over the
premium tax credits provided by this section and shall be
calculated using the gross premium tax before the credits
provided by this section.
(d) A credit under this section may be used in connection
with both final payments and prepayments of a participating
investor's state premium tax liability.
(e) A participating investor claiming a credit under this
section shall not be required to pay any additional tax or fee
as a result of claiming a credit under this article.
(f) If the payment of state premium tax liability by a
participating investor would result in a credit against or
reduction in any other tax imposed by this state, the amount of
such credit or reduction shall not be affected by the issuance
of a credit under this section.
(g) Final decertification of a Wyoming small business
investment company under W.S. 9-12-1310 shall result in the
disallowance and the recapture of a credit under this section.
The amount to be disallowed and recaptured shall be assessed as
follows:
(i) If decertification of a Wyoming small business
investment company is within four (4) years of its allocation
date and prior to meeting the requirements of W.S.
9-12-1307(a)(ii), all credits under this section are disallowed.
To the extent any credit had been taken, the tax shall be
immediately due and payable and the collecting authority is
authorized to collect the tax;
(ii) If decertification of a Wyoming small business
investment company occurs after the company has met the
requirements of W.S. 9-12-1307(a)(ii), no credits under this
section are disallowed and no credits that were previously taken
under this section shall be recaptured.
(h) A participating investor shall not transfer, agree to
transfer, sell or agree to sell a credit under this section
until one hundred eighty (180) days or more from the date on
which the participating investor invested designated capital.
One hundred eighty (180) days or more from the date of
investment, a participating investor, or subsequent transferee,
may transfer credits based upon rules adopted by the council in
consultation with the department of insurance to facilitate such
transfers. Any transfer or sale of credits shall not affect the
time schedule for claiming a credit. Any tax credit required to
be repaid under this section shall remain the liability of the
participating investor that actually applied the credit towards
its tax liability.