This bill introduces new provisions regarding taxation in Wyoming, specifically focusing on the authority of the state board of equalization to direct mill levies and impose special taxes. A new section, 9-4-219.1, is created, which mandates that if the unobligated, unencumbered legislative stabilization reserve account balance falls below $500 million, the state auditor must notify the state board of equalization. The board is then required to instruct county commissioners to levy a special tax not exceeding four mills on all taxable property, with the proceeds directed to the general fund and subsequently transferred to the legislative stabilization reserve account. Additionally, the bill amends existing laws to restrict tax levies for special districts whose accumulated reserves exceed seven times their current budget.

Furthermore, the bill modifies the process for determining the mill levy for public school funding. It allows the state board of equalization to lower the mill levy from the standard twelve mills to a range of eight to eleven mills based on the balance of the unencumbered public school foundation program account. The bill also specifies that the mill levy will reset to the standard amount for the following tax year, subject to any reductions as determined by the board. The effective date for this act is set for January 1, 2025.

Statutes affected:
24LSO-0183 v0.4: 39-13-104, 21-13-303