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 list of property exemptions, specifically allowing for-profit trade schools to qualify for tax exemptions under certain conditions. The bill outlines eligibility requirements, including that the trade school must be a registered business in Wyoming, physically located in the state, and primarily focused on providing postsecondary technical or vocational education. Additionally, the property must be used exclusively for educational purposes, and any commercial use unrelated to education will disqualify the property from the exemption.

The legislation emphasizes the importance of for-profit trade schools in supporting workforce development and economic growth in Wyoming. It mandates that these schools apply for the exemption, providing necessary documentation and updates to the department of revenue and county assessors. The exemption is granted for a period of five years, with provisions for renewal and auditing to ensure compliance. 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