The proposed bill establishes a new excise tax on the production and sale of electricity in Wyoming, effective January 1, 2024. The tax rate is set at 2.3% of the annual gross energy earnings from electricity produced in the state. The bill outlines specific exemptions, including electricity produced by federal or state-owned facilities and personal consumption not exceeding 500 kilowatt hours in a 24-hour period. The Department of Revenue is tasked with enforcing the provisions of the bill, including the collection of taxes, which must be reported and paid annually by February 1 of the following year.

Additionally, the bill introduces a rebate program for Wyoming electrical rate payers, funded by the proceeds of the new tax. The funds will first be deposited into an electricity rebate account, which will provide annual rebates equal to the amount paid for electricity by consumers. Any remaining funds at the end of the fiscal year will be transferred to the general fund. The bill also includes provisions for penalties on delinquent taxes, interest rates on unpaid taxes, and credits for other taxes paid by the electricity producers. The act will take effect on July 1, 2023.

Statutes affected:
Introduced: 39-11-101