This bill establishes a property tax exemption for the real and tangible personal property of for-profit trade schools in Wyoming. It amends current law by adding a new paragraph (xlvi) to the exemptions section, which specifies that property owned by for-profit trade schools is exempt from taxation, provided they meet certain eligibility criteria outlined in a new subsection (c). These criteria include being a registered business entity in good standing, being physically located in Wyoming, primarily providing postsecondary technical or vocational education, and maintaining accreditation from a recognized accrediting body. The exemption applies only to property used exclusively for educational purposes, and any property used for unrelated commercial purposes does not qualify.

The bill emphasizes the importance of for-profit trade schools in supporting workforce development and economic growth in Wyoming. It outlines the application process for the exemption, which requires documentation of accreditation and property use, and mandates annual updates to the department and county assessors. The exemption is granted for five years, with a renewal process required six months prior to expiration. The bill also allows for audits of the trade schools to ensure compliance with the exemption criteria. The act is set to take effect on January 1, 2026, with certain sections becoming effective immediately upon the bill's passage.

Statutes affected:
Introduced: 39-11-105