Sales and use tax rate.

WORKING DRAFT
2005
STATE OF WYOMING
05LSO-0326

HOUSE BILL
NO.
HB0322

Sales and use tax rate.

Sponsored by:
Joint Appropriations Interim Committee

A BILL

for

AN ACT relating to taxation and revenue; modifying provisions relating to a potential change in the sales and use tax rates; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 39
‑
15
‑
104(d) and 39
‑
16
‑
104(d) are amended to read:

39
‑
15
‑
104.

Taxation rate.

(d)

The tax imposed under subsection (b) of this section shall be indexed in accordance with the formula in this subsection. The tax shall be reduced to one-half of one percent (.5%) effective July 1, if, not later than March 31, of the same year, it is determined that the unappropriated general fund balance at the end of the current budget period
minus any expected shortfall in revenue to fully fund the school foundation program for the following school year
will exceed thirty-five million dollars ($35,000,000.00). The governor shall make this determination using actual revenues received during the current fiscal year, revenue estimates of the consensus revenue estimating group (CREG)
,

and
actual appropriations
.

and expenditure estimates for the foundation program determined by the department of education.
If the determination made by the governor under this formula results in a reduction of the tax, the governor shall so certify to the department of revenue which shall order the rate reduced to one-half of one percent (.5%).

39
‑
16
‑
104.

Taxation rate.

(d)

The tax imposed under subsection (b) of this section shall be indexed in accordance with the formula in this subsection. The tax shall be reduced to one-half of one percent (.5%) effective July 1 if, not later than March 31 of the same year, it is determined that the unappropriated general fund balance at the end of the current budget period
minus any expected shortfall in revenue to fully fund the school foundation program for the following school year
will exceed thirty-five million dollars ($35,000,000.00). The governor shall make this determination using actual revenues received during the current fiscal year, revenue estimates of the consensus revenue estimating group (CREG)
,

and
actual appropriations
.

and expenditure estimates for the foundation program determined by the department of education.
If the determination made by the governor under this formula results in a reduction of the tax, the governor shall so certify to the department of revenue which shall order the rate reduced to one-half of one percent (.5%).

Section 2.
This act is effective immediately upon co
m
pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit
u
tion.

(END)

1
HB0322