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SF0009 • 2005

Intangible property taxation-study.

AN ACT relating to taxation and revenue; creating a task force to study intangible property for purposes of property taxation as specified; providing for membership; providing study requirements; providing for a report; providing an appropriation; and providing for an effective date.

Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Revenue
Last action
2005-02-18
Official status
enrolled
Effective date
2/18/2005

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0009SS001

Standing Committee • PECK

Adopted

Plain English: Adopted Standing Committee by PECK

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

  1. 2005-02-18 LSO

    Assigned Chapter Number - 64

  2. 2005-02-18 Governor

    Governor Signed SEA0025

  3. 2005-02-16 House

    H Speaker Signed SEA No. 0025

  4. 2005-02-15 Senate

    S President Signed SEA No. 0025

  5. 2005-02-15 LSO

    Assigned Number SEA0025

  6. 2005-02-15 House

    H Passed 3rd Reading

  7. 2005-02-14 House

    H Passed 2nd Reading

  8. 2005-02-11 House

    H Passed CoW

  9. 2005-02-10 House

    H Placed on General File

  10. 2005-02-10 House

    H02 Recommended Do Pass

  11. 2005-02-09 House

    H Rereferred to H02

  12. 2005-02-07 House

    H Placed on General File

  13. 2005-02-07 House

    H03 Recommended Do Pass

  14. 2005-02-04 House

    H Introduced and Referred to H03

  15. 2005-01-31 House

    H Received for Introduction

  16. 2005-01-28 Senate

    S Passed 3rd Reading

  17. 2005-01-27 Senate

    S Passed 2nd Reading

  18. 2005-01-26 Senate

    S Passed CoW

  19. 2005-01-26 Senate

    Amendment Adopted

  20. 2005-01-26 Senate

    S Amendments Adopted

  21. 2005-01-25 Senate

    S Placed on General File

  22. 2005-01-25 Senate

    S02 Recommended Do Pass

  23. 2005-01-19 Senate

    S Rereferred to S02

  24. 2005-01-18 Senate

    S Placed on General File

  25. 2005-01-18 Senate

    S03 Recommended Amend and Do Pass

  26. 2005-01-11 Senate

    S Introduced and Referred to S03

  27. 2005-01-10 Senate

    S Received for Introduction

  28. 2004-12-06 LSO

    Bill Number Assigned

Official Summary Text

2005 General Session Summary for SF0009

Bill
No.:
SF0009
Drafter:

MQ

LSO
No.:
05LSO-0212
Effective Date:

2/18/2005

Enrolled
Act No.:
SEA0025

Chapter
No.:
64

Prime
Sponsor:
Joint Revenue Interim Committee

Catch
Title:
Intangible property taxation-study.

Subject:
Provides
for a study of the taxation of intangible property for property taxation.

Summary/Major
Elements:

Creates a task force of 7 legislators (3 senate; 4 house) to study the
taxation of intangible property for property taxation purposes. The task force is required to:

o

Address the benefits
and costs and related policy implication of taxing or not taxing intangible
property;

o

Determine the historic
taxation or exemption of intangible property in all of the property tax
classes;

o

Determine what
intangibles, if any, are to be exempt from taxation;

o

Study the composition
of the current property tax classification of industrial and commercial
properties;

o

Study the department of
revenue's methodology for assessment and valuation for state assessed
properties;

o

Determine any impacts
that methodologies for valuation and assessment of property may have on
competition and on uniformity;

o

Propose any changes to
the current system.

Report Required requires the task force to report
their findings to the governor and the joint revenue interim committee not
later than December 15, 2005.

Comments:

1. The Wyoming Supreme Court recently ruled that the definition of
intangible property in the statutes for taxation purposes was not limited to
the few items listed, so the current status of intangible property taxation is
not clear. This study is to help
resolve some of those complex issues.

2. See SF 0012 and
SF 0044.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0009

ENROLLED ACT NO. 25, SENATE

FIFTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2005 GENERAL SESSION

AN ACT relating to taxation and revenue; creating a task force to study intangible property for purposes of property taxation as specified; providing for membership; providing study requirements; providing for a report; providing an appropriation; and providing for an effective date.

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

Section 1.

(a)

There is created the intangible property task force to study the taxation of intangible property for property taxation purposes. The task force shall consist of seven (7) members as follows:

(i)

Three (3) members of the senate appointed by the president, with two (2) members from the majority party and one (1) member from the minority party;

(ii)

Four (4) members of the house of representatives appointed by the speaker, with three (3) members from the majority party and one (1) member from the minority party.

(b)

At its first meeting, the task force shall elect a chairman to preside over the meetings. The legislative service office and the department of revenue shall provide necessary administrative and technical assistance to the task force in carrying out the study authorized by this section.

(c)

The task force shall:

(i)

Address the benefits and costs and the related policy implication of taxing or not taxing intangible property. The department shall provide to the task force such information as the task force may request regarding the nature and value of intangible property in Wyoming and any other information that the task force shall deem as being necessary to complete the scope and purpose of the study authorized by this section. The information requests and productions shall be subject to the confidentiality requirement imposed upon the department by the law;

(ii)

Determine the historic taxation or exemption of intangible property in all of the ad valorem tax classes and the impact of recent Wyoming Supreme Court decisions relating to the taxation or exemption of intangible property in all of the ad valorem tax classes and consider any proposals for changes;

(iii)

Determine what intangibles, if any, are to be exempt from taxation;

(iv)

Study the composition of the current ad valorem tax classification of industrial and commercial properties, and any proposals for changes;

(v)

Study the department’s methodology for assessment and valuation for state assessed properties, and any proposals for changes;

(vi)

Determine any impacts that methodologies for valuation and assessment of property may have on competition and on uniformity and any proposals for changes.

(d)

The task force shall report its findings to the governor and the joint revenue interim committee not later than December 15, 2005. The report shall include any recommendations for statutory changes.

Section 2.

There is appropriated from the general fund fifty thousand dollars ($50,000.00), or as much thereof as is necessary, to the legislative service office for the purposes of this act.

Section 3.

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)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

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