The bill establishes a new optional excise tax on the sale of real property in Wyoming, specifically aimed at funding affordable housing projects. It creates a framework for counties to impose this tax, which requires voter approval through a proposition. The tax rate is set at zero percent for sales up to $1.5 million and one percent for sales exceeding that amount. The bill outlines the process for submitting the tax proposition to voters, including requirements for petitions and resolutions from local governing bodies. Additionally, it specifies various exemptions from the tax, such as transfers between family members, certain court-ordered transfers, and transactions involving agricultural land.

To ensure compliance, the bill mandates that the county clerk cannot record any property transfer documents until the associated tax has been paid. It also includes provisions for the distribution of tax revenues, which will be allocated to both the county and its municipalities based on population. The Department of Revenue is tasked with adopting necessary rules for the implementation of this tax by July 1, 2024, while the bill itself will take effect immediately, with specific sections becoming effective on the same date.

Statutes affected:
Introduced: 34-1-119, 39-11-101