This bill proposes significant changes to Wyoming's taxation and revenue laws, primarily focusing on property tax exemptions and adjustments to various tax rates. It establishes a property tax exemption for single-family residential properties, allowing an exemption on the first $200,000 of fair market value in tax year 2025, which will increase to $1 million in subsequent years, adjusted for inflation. Additionally, the bill raises the tax exemption for business property from $2,400 to $50,000 and lowers the tax assessment rate for industrial properties from 11.5% to 9.5%. The severance tax rate for surface coal is also reduced from 6.5% to 6%.

To offset these tax reductions, the bill introduces a new 2% sales and use tax effective July 1, 2025, which will increase the existing use tax rate from 4% to 6%. The revenue generated will be managed through a property tax reduction and replacement account. The bill also includes a renter's refund program based on gross rent paid, while repealing the existing property tax refund program. It mandates rulemaking for effective implementation and clarifies that counties with existing optional taxes will maintain those until their next renewal date, while new taxes will be imposed in counties without such taxes starting July 1, 2026. The Department of Revenue is tasked with implementing necessary rules by January 1, 2026, and a study on the impacts of this act will be conducted during the 2025 interim.

Statutes affected:
25LSO-0173 v0.7: 39-13-109