The proposed bill establishes a new excise tax on the production and sale of electricity in Wyoming, effective January 1, 2025. The tax rate is set at 3.5% of the annual gross energy earnings from electricity produced in the state. The bill outlines specific exemptions, including electricity produced by federal or state-owned facilities and personal consumption not exceeding 500 kilowatt hours in a 24-hour period. The Department of Revenue is tasked with enforcing the provisions of this chapter, including rulemaking authority, compliance procedures, and penalties for non-compliance.

Additionally, the bill provides for tax credits against the excise tax for other taxes paid by the electricity producer, including sales, use, severance, and ad valorem taxes. The distribution of tax proceeds is detailed, with a significant portion allocated to the state general fund and the remainder distributed to counties, cities, and towns based on population and sales tax collections. The bill also includes provisions for penalties related to late filings and payments, as well as interest on delinquent taxes. The definitions section of the existing law is amended to incorporate this new chapter on electrical generation taxation. The act is set to take effect on July 1, 2024.

Statutes affected:
Introduced: 39-11-101