The bill amends existing tax laws in Wyoming to exempt insurance damage settlement payments from sales and use taxation when used to purchase certain vehicles. Specifically, it introduces a new provision that allows the amount of insurance payments to be excluded from the sale price of motor vehicles, house trailers, trailer coaches, trailers, or semitrailers. This exemption applies if the previous vehicle was acquired by an insurance company through a damage settlement and the insurance payment is utilized within ninety days to purchase another qualifying vehicle.

Additionally, the bill modifies existing exemptions related to the trade-in value of tangible personal property and purchases made by nonresidents. The language clarifies that the trade-in value will still be excluded from the sales price in transactions involving new tangible personal property. The effective date for this act is set for July 1, 2024.

Statutes affected:
Introduced: 39-15-105, 39-16-105