§ 9-12-1306 — Aggregate limitations on investment tax credits; allocation

Wyoming § 9-12-1306

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

Text

(a) The aggregate amount of investment tax credits to be
allocated to all participating investors of Wyoming small
business investment companies under this article shall not
exceed thirty million dollars ($30,000,000.00). No Wyoming
small business investment company, on an aggregate basis with
its affiliates, shall file credit allocation claims that exceed
thirty million dollars ($30,000,000.00).
(b) Tax credits shall be allocated to participating
investors in the order that the credit allocation claims are
filed with the council, provided that all credit allocation
claims filed with the council on the same day shall be treated
as having been filed contemporaneously. Any credit allocation
claims filed with the council prior to the initial credit
allocation claim filing date shall be deemed to have been filed
on such initial credit allocation claim filing date. The
council shall set the initial credit allocation claim filing
date to be not less than ninety (90) days and not more than one
hundred twenty (120) days after the council begins accepting
applications for certification as a Wyoming small business
investment company under W.S. 9-12-1303(e).
(c) If two (2) or more Wyoming small business investment
companies which are qualified under the provisions of this act
file credit allocation claims with the council on behalf of
their respective participating investors on the same day and the
aggregate amount of credit allocation claims exceeds the lesser
of the aggregate limit of investment tax credits under this
section or the amount of credits that remain unallocated on that
day, the credits shall be allocated among the participating
investors who filed on that day on a pro rata basis with respect
to the amounts claimed. The pro rata allocation for any one (1)
participating investor is the product obtained by multiplying a
fraction, the numerator of which is the amount of the credit
allocation claim filed on behalf of a participating investor and
the denominator of which is the total of all credit allocation
claims filed on behalf of all participating investors on that
day, by the lesser of the aggregate limit of credits under this
section or the amount of credits that remain unallocated on that
day.
(d) Not more than ten (10) business days after the council
receives a credit allocation claim filed by a Wyoming small
business investment company on behalf of one (1) or more of its
participating investors, the council shall notify the Wyoming
small business investment company of the amount of credits
allocated to each of the participating investors of that Wyoming
small business investment company. In the event a Wyoming small
business investment company does not receive an investment of
designated capital from each participating investor required to
earn the amount of credits allocated to such participating
investor within ten (10) business days of the Wyoming small
business investment company’s receipt of a notice of allocation,
it shall notify the council on or before the next business day
and the credits allocated to such participating investor of the
Wyoming small business investment company shall be forfeited.
The council shall reallocate credits forfeited under this
subsection among the participating investors of the other
Wyoming small business investment companies on a pro rata basis
with respect to the credit allocation claims filed on behalf of
the participating investors.
(e) The council may impose a civil penalty of not more
than fifty thousand dollars ($50,000.00) upon a participating
investor which does not invest the full amount of designated
capital required to fund the credits allocated to it by the
council in accordance with the credit allocation claim filed on
its behalf. The council shall provide by rule, notice and
opportunity for hearing prior to imposing a civil penalty under
this subsection. In determining the amount of the penalty the
council shall consider the direct and indirect cost to the state
as a result of the investor's failure to invest the full amount
of designated capital.
(f) No participating investor, individually or on an
aggregate basis with its affiliates, shall file an allocation
claim for more than twenty-five percent (25%) of the maximum
amount of investment tax credits authorized under this article
regardless of whether such claim is made in connection with one
(1) or more Wyoming small business investment companies.
(g) The council shall annually certify by January 31, the
amount of investment tax credits for which each participating
investor qualifies under this article as of December 31 of the
previous year. The certification shall be made to the insurance
commissioner, and to the entity otherwise authorized to collect
the tax due if the credit is allowed against another tax
liability to the state.