The bill proposes amendments to the Wyoming tax code to exempt insurance damage settlement payments from sales and use taxation. Specifically, it introduces new provisions under W.S. 39-15-105 and 39-16-105, which state that the amount of any insurance payment used to purchase motor vehicles, house trailers, trailer coaches, trailers, or semitrailers will be excluded from the sale price of those items. This exemption applies when the previous vehicle was acquired by an insurance company through a damage settlement, and the insurance payment is utilized within ninety days of receipt to purchase another qualifying vehicle.

Additionally, the bill removes the requirement for the trade-in value of tangible personal property to be excluded from the sales price in certain transactions, while maintaining the exemption for nonresidents purchasing vehicles to be removed from Wyoming. The effective date for this act is set for July 1, 2025.

Statutes affected:
Introduced: 39-15-105, 39-16-105