The bill amends existing tax laws in Wyoming to exempt insurance damage settlement payments from sales and use taxation when used to purchase certain vehicles. Specifically, it introduces new provisions that allow the amount of any insurance payment used to buy motor vehicles, house trailers, trailer coaches, trailers, or semitrailers to be excluded from the sale price of those items. This exemption applies if the previous vehicle was acquired by an insurance company through a damage settlement and the insurance payment is utilized within ninety days of receipt for the new purchase.

Additionally, the bill modifies existing exemptions related to the trade-in value of tangible personal property and purchases made by nonresidents. It removes the conjunction "and" from the list of exemptions, indicating a clearer separation of the conditions under which these exemptions apply. The effective date for this legislation is set for July 1, 2025.

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