The bill introduces a new ad valorem tax deferral for industrial production equipment stored in Wyoming prior to its first installation. It amends W.S. 39-11-105 by adding a new exemption for property stored by the purchaser, specifically industrial production equipment, which will be exempt from property taxation during the storage period for up to two reporting periods. The bill outlines specific conditions and requirements for this exemption, including definitions for terms such as "commercial storage facility," "industrial production," and "industrial production equipment."

To qualify for the exemption, the equipment must be stored at an approved commercial storage facility, and the purchaser must pay Wyoming sales or use tax upon removal of the equipment from storage. 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, which includes notifying relevant authorities about the purchase, storage, and installation of the equipment. The act is set to take effect on July 1, 2025.

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