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 period not exceeding ten years, with the department responsible for establishing the necessary schedules, fees, and terms. The bill also mandates that a lien be placed on the property associated with the project, ensuring that the lien takes precedence over other encumbrances. Additionally, if a taxpayer discontinues their business or the project, they must pay any outstanding amounts within thirty days.

The bill includes specific amendments to existing laws, such as the addition of new paragraphs and subsections in W.S. 39-15-107, 39-15-111, 39-16-107, and 39-16-111, which outline the compliance, collection procedures, and distribution of revenues from amortized tax payments. Revenues from these payments will be distributed according to established guidelines, ensuring that the financial implications of the amortization process are clearly defined. The act is set to take effect on July 1, 2025.

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