This bill proposes significant changes to Wyoming's taxation and revenue laws, primarily focusing on property tax exemptions and the introduction of new sales and use taxes. 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%. To offset these tax reductions, a new 2% sales and use tax will be implemented starting July 1, 2025, and a property tax reduction and replacement account will be created to manage the revenue generated from this tax. The bill also introduces a renter's refund program while repealing the existing property tax refund program.

Moreover, the bill amends existing tax laws regarding general purpose taxes at the county level, establishing a one percent (1%) general purpose tax that will remain in effect unless terminated by an election. It allows for the continuation of this tax through either an election or a resolution, requiring county commissioners and at least fifty percent of municipalities to submit a proposition to voters for permanence. The bill also specifies that an additional use tax of two percent (2%) will be imposed starting July 1, 2025, raising the total use tax rate from four percent (4%) to six percent (6%). It repeals certain provisions related to property tax refunds and exemptions, mandates the Department of Revenue to adopt necessary rules by January 1, 2026, and appropriates funds for the renter's refund program. Lastly, it requires a study of the act's impacts during the 2025 interim by the joint revenue interim committee.

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