This bill introduces a new ad valorem tax deferral for industrial production equipment stored in Wyoming prior to its installation. It amends W.S. 39-11-105 by adding a new exemption category for property stored by the purchaser before its first installation as industrial production equipment. The bill specifies that this exemption applies during the storage or inventory period for up to two reporting periods, provided certain conditions are met. These conditions include the requirement that the equipment must be stored at an approved commercial storage facility, and that Wyoming sales or use tax must be paid upon removal from the facility.

Additionally, the bill defines key terms such as "commercial storage facility," "industrial production," and "industrial production equipment," while also outlining the criteria for eligibility for the exemption. Notably, the exemption does not apply to equipment with a sales price of less than $50,000, mobile machinery, or raw materials used in industrial production. The Department of Revenue is tasked with creating rules for the application of this exemption, including notification requirements for taxpayers regarding the purchase, storage, and installation of qualifying equipment. The act is set to take effect on July 1, 2025.

Statutes affected:
25LSO-0044 v0.7: 39-11-105