This bill introduces provisions for the amortization of sales and use taxes for large projects in Wyoming, specifically those with anticipated expenditures exceeding five million dollars over the first two years of construction and operation. Taxpayers can apply to the department to amortize these taxes over a maximum period of ten years, with the department responsible for establishing the necessary schedules, fees, and terms. The bill also stipulates that a lien will be placed on the property associated with the project, which will take precedence over other liens. Additionally, if a taxpayer discontinues their business or the project, they must pay any outstanding amounts within thirty days.

The bill further outlines the distribution of revenues from amortized sales and use tax payments, ensuring that these revenues are allocated according to existing distribution guidelines. The effective date for these provisions is set for July 1, 2025. Key insertions in the bill include new paragraphs and subsections in the Wyoming Statutes that detail the amortization process and the conditions under which it applies, as well as the distribution of revenues from these payments.

Statutes affected:
25LSO-0120 v0.5: 39-15-107, 39-15-111, 39-16-107, 39-16-111