The bill amends existing tax laws in Wyoming to establish new reporting requirements for taxpayers who claim sales and use tax exemptions. Specifically, it introduces new subsections in W.S. 39-15-105 and W.S. 39-16-105, mandating that taxpayers who claim exemptions exceeding $250,000 in a calendar year must submit detailed reports to the department. These reports must include information on the amount of sales or use tax collected, taxes paid, exemptions claimed, ad valorem taxes, and employment statistics, while ensuring that personally identifiable information is not disclosed. Additionally, taxpayers who fail to submit the required reports by February 1 of the following year will face penalties, including the obligation to pay the difference in taxes owed and ineligibility to claim exemptions for the current year.

The bill also requires the department to report to the joint revenue interim committee annually, starting August 1, 2027, summarizing the information collected from the reports. This act will apply to all taxpayers claiming the specified exemptions beginning with the 2026 calendar year and is set to take effect on July 1, 2026.

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