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. If a taxpayer fails to meet the payment terms, they will be subject to enforcement provisions.

Additionally, the bill outlines the distribution of revenues from amortized sales and use tax payments, ensuring that these revenues are allocated according to existing distribution rules. The effective date for these provisions is set for July 1, 2025. The bill amends several sections of the Wyoming statutes, specifically W.S. 39-15-107, 39-15-111, 39-16-107, and 39-16-111, to incorporate these new amortization processes and revenue distribution guidelines.

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