This bill amends the qualifications and refund amounts for the property tax refund program in Wyoming. It changes the definition of "gross income" to "taxable income," which is now defined as the taxable income reported to the IRS, excluding social security benefits. The bill also raises the income threshold for qualifying for a refund from 125% to 175% of the median gross household income for the applicant's county. Additionally, it introduces a tiered refund system based on the applicant's taxable income, specifying that the maximum refund cannot exceed 75% of the applicant's prior year's property tax or one-half of the median residential property tax liability for the county.

Furthermore, the bill allows counties to implement their own optional property tax refund programs with similar qualifications and refund structures. The maximum refund under these county programs is also capped at 75% of the applicant's prior year's property tax, with the same conditions regarding the median residential property tax liability. The bill mandates that all refunds be issued by specific deadlines, ensuring timely financial relief for qualifying residents. The act is effective immediately upon completion of the necessary legislative processes.

Statutes affected:
24LSO-0252 v0.4: 39-13-109