The bill establishes a child tax credit for full-time residents of Wyoming, allowing them to claim a credit of $200 per child against their state taxes. The credit is contingent upon the applicant meeting specific requirements, including residency verification, the number of dependents, and proof of taxes paid. The application must be submitted to the department by March 1 of the year following the applicable tax year, and the department will issue refunds based on the amount of taxes paid, with a maximum refund of $200 per child. If the funds appropriated for the refunds are insufficient, the refunds will be prorated.

To facilitate this program, the bill appropriates $5 million from the general fund to the Department of Revenue for the purpose of providing these child tax credit refunds, with the funding available until June 30, 2026. The department is also tasked with adopting necessary rules for the application process by January 1, 2026, for taxes paid in the 2025 tax year. The act is effective immediately upon completion of the legislative process.

Statutes affected:
Introduced: 39-11-109