The proposed bill establishes an excise tax on the production and sale of electricity in Wyoming, effective January 1, 2026. The tax rate is set at 3.5% of the annual gross energy earnings from electricity produced in the state. The bill outlines specific exemptions, including electricity produced by federal or state-owned facilities and for personal consumption not exceeding 500 kilowatt hours in a 24-hour period. Additionally, it creates an electrical generation account to manage the tax proceeds, which will be used to support local governments for potential sales tax revenue lost due to the tax on electricity sales.

The bill also includes provisions for tax credits against the excise tax for other taxes paid by the electricity producers, as well as penalties for non-compliance, including interest on delinquent taxes and potential liens on property. The Department of Revenue is tasked with enforcing the new tax regulations and will need to adopt necessary rules by July 1, 2025, to ensure proper implementation. The bill makes conforming amendments to existing tax laws, including the addition of new definitions and exemptions related to the excise tax on electricity.

Statutes affected:
Introduced: 39-11-101, 39-15-103, 39-15-105