The bill amends existing tax laws in Wyoming to exempt insurance damage settlement payments from sales and use taxation when used for purchasing certain vehicles. Specifically, it introduces a new provision that allows 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 the purchase of vehicles by nonresidents. It removes the conjunction "and" from the list of exemptions and adds the new subparagraphs (C) in both sections 39-15-105 and 39-16-105, which detail the conditions under which the insurance payment exemption applies. The act is set to take effect on July 1, 2025.

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