The 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 for property stored by the purchaser before its first installation as industrial production equipment. The exemption applies for a maximum of two reporting periods during the storage or inventory period, 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 related to industrial production and outlines specific criteria for qualifying 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:
Introduced: 39-11-105