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. Applications for the credit must be submitted to the Department of Revenue by March 1 of the year following the applicable tax year. If an applicant lacks documentation for sales and use taxes paid, the department may estimate the amount, capping it at $400. Refunds will be issued based on the amount of taxes paid, up to the maximum credit allowed, and will be prorated if funds are insufficient.

To facilitate this program, the bill appropriates $5 million from the general fund to the Department of Revenue for child tax credit refunds, with the funding available until June 30, 2026. The department is tasked with adopting necessary rules for processing applications by January 1, 2026, for the 2025 tax year. The act is effective immediately upon completion of the legislative process as outlined in the Wyoming Constitution.

Statutes affected:
Introduced: 39-11-109