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 before installation, which will be exempt from property taxation for a period not exceeding two reporting periods. The bill outlines specific conditions and requirements for this exemption, including the necessity for the equipment to be stored at an approved commercial storage facility and the payment of Wyoming sales or use tax upon removal from storage.

Additionally, the bill defines key terms such as "commercial storage facility," "industrial production," "industrial production equipment," and "mobile machinery." It specifies that 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