This bill establishes the Department of Transportation Trust Fund and its associated income account, which will be funded through various sources, including federal grants and donations. The trust fund is designed to be a permanent account, with the State Treasurer authorized to invest its funds in equities to generate investment earnings. The bill outlines a spending policy that allows for an annual transfer of three percent of the five-year average market value of the trust account to the income account, which is continuously appropriated for the Department of Transportation's use. Additionally, the bill includes provisions for the Wyoming Transportation Commission to approve expenditures from the income account.

Furthermore, the bill amends the distribution of sales tax revenue by requiring the Department of Revenue to transfer one percentage point of the sales tax collected on electricity sales to data processing services centers to the Department of Transportation Trust Fund starting in fiscal year 2028. This transfer will be based on the previous fiscal year's sales and must be credited within 90 days after the fiscal year ends. The Department of Revenue is also tasked with creating rules to implement this new revenue transfer. The act is set to take effect on July 1, 2027, with certain sections becoming effective immediately upon the bill's passage.

Statutes affected:
27LSO-0119 v0.7: 39-15-111