The bill introduces a property tax reduction for the tax year 2024, specifically targeting industrial and other properties. It amends existing laws by adding a new subparagraph (F) to W.S. 39-13-107(b)(i), which stipulates that property taxes due will be reduced by 16.67% for industrial properties and 33.33% for all other properties. Additionally, a new subsection (h) is created in W.S. 39-13-113, which similarly reduces the monthly or annual tax due on mineral production for the calendar year 2024 by 16.67%. Both provisions will expire on June 30, 2025.

Furthermore, the bill includes a reconciliation clause for taxes on mineral production that are paid before the effective date of the act, ensuring that any overpayments due to the tax reductions will be addressed as specified in W.S. 39-13-113(b). The act is set to take effect immediately upon the completion of all necessary legislative processes.

Statutes affected:
Introduced: 39-13-107, 39-13-113