This bill establishes severance tax refunds for oil, gas, and coal based on increased federal royalty rates, beginning January 1, 2025. It introduces new provisions in various sections of Wyoming law, including the creation of new subsections and paragraphs that outline the process for calculating and distributing these refunds. Specifically, the bill mandates that the state treasurer transfer funds to the severance tax distribution account to cover the refunds, which are calculated based on the increased federal mineral royalty rates. The refunds will be available to taxpayers who produce minerals from federal estates, with specific calculations provided for both coal and oil/natural gas production.

Additionally, the bill requires the Department of Revenue to promulgate rules for implementing these provisions and includes an appropriation of $368,000 from the general fund to support the implementation efforts. The bill also stipulates that the Department of Revenue must report annually on the number of refund applicants and the amounts distributed. The effective date for most provisions is immediate, while the specific refund provisions will take effect on January 1, 2025.

Statutes affected:
24LSO-0121 v0.3: 9-4-601, 39-13-111, 39-14-109, 39-14-209, 39-14-801