The bill establishes a child tax credit for full-time residents of Wyoming, allowing them to claim a credit of $200 per child against any taxes paid to the state. The legislation amends W.S. 39-11-109(d) by removing previous language that stated there were no specific provisions for credits and inserting new provisions that outline the eligibility criteria and application process for the credit. Applicants must apply by March 1 of the year following the applicable tax year and provide necessary information to verify residency, the number of dependents, and taxes paid. If approved, the department will issue refunds based on the amount of taxes paid, with a maximum refund of $200 per child.

Additionally, 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 funds available until June 30, 2026. The department is tasked with adopting rules to facilitate the application process for these refunds by January 1, 2026, for taxes paid in the 2025 tax year. The act is effective immediately upon completion of the necessary legislative processes.

Statutes affected:
Introduced: 39-11-109