This bill introduces provisions for the amortization of sales and use taxes for large projects in Wyoming, specifically those with anticipated expenditures exceeding five million dollars over the first two years of construction and operation. Taxpayers can apply to the department to amortize these taxes over a maximum period of ten years, with the department responsible for establishing the necessary schedules, fees, and interest rates that account for inflation. The bill also stipulates that an amortization agreement will include a lien on the project property, which will take precedence over other liens. Additionally, if a taxpayer discontinues their business or the project, they must pay any outstanding amounts within thirty days.

The bill further outlines the distribution of revenues from amortized sales and use tax payments, ensuring that these revenues are allocated according to existing distribution rules. It creates new subsections in the Wyoming statutes to facilitate these processes, specifically under W.S. 39-15-107, 39-15-111, 39-16-107, and 39-16-111. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
25LSO-0120 v0.5: 39-15-107, 39-15-111, 39-16-107, 39-16-111