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, offering programs aligned with workforce development needs, and maintaining accreditation by a recognized accrediting body.

To qualify for the exemption, for-profit trade schools must apply through a designated process, providing necessary documentation and updates to the department and county assessors. The exemption is valid for five years, with the possibility of renewal, and is subject to audits to ensure compliance. The bill emphasizes the importance of for-profit trade schools in supporting workforce development and economic growth in Wyoming, and it mandates the department of revenue to create rules for implementation. 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