SF0044 • 2005

Property taxation-intangibles.

AN ACT relating to taxation and revenue; providing for the treatment of intangible property for property taxation as specified; 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: 2005-02-17
Official status: enrolled
Effective date: 1/1/2005

Plain English Breakdown

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

Bill History

2005-02-17 LSO
Assigned Chapter Number - 10
2005-02-17 Governor
Governor Signed SEA0014
2005-02-15 House
H Speaker Signed SEA No. 0014
2005-02-14 Senate
S President Signed SEA No. 0014
2005-02-14 LSO
Assigned Number SEA0014
2005-02-14 House
H Passed 3rd Reading
2005-02-11 House
H Passed 2nd Reading
2005-02-10 House
H Passed CoW
2005-02-09 House
H Placed on General File
2005-02-09 House
H03 Recommended Do Pass
2005-02-04 House
H Introduced and Referred to H03
2005-01-21 House
H Received for Introduction
2005-01-21 Senate
S Passed 3rd Reading
2005-01-20 Senate
S Passed 2nd Reading
2005-01-19 Senate
S Passed CoW
2005-01-18 Senate
S Placed on General File
2005-01-18 Senate
S03 Recommended Do Pass
2005-01-11 Senate
S Introduced and Referred to S03
2005-01-10 Senate
S Received for Introduction
2004-12-23 LSO
Bill Number Assigned

Official Summary Text

2005 General Session Summary for SF0044

Bill
No.:
SF0044
Drafter:

MQ

LSO
No.:
05LSO-0211
Effective Date:

1/1/2005

Enrolled
Act No.:
SEA0014

Chapter
No.:
10

Prime
Sponsor:
Joint Revenue Interim Committee

Catch
Title:
Property taxation-intangibles.

Subject:
Provides
for the taxation of intangible personal property for the tax year 2005.

Summary/Major
Elements:

Provides for the treatment of intangible personal property for property
taxation purposes for the 2005 tax year.

Requires intangible personal property to be separately identified by the
taxpayer.

Comments:

1.

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 bill provides for the treatment of intangibles for the 2005
tax year while the issue is studied further.

2.

See SF 0009 and SF
0012.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0044

ENROLLED ACT NO. 14, SENATE

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

AN ACT relating to taxation and revenue; providing for the treatment of intangible property for property taxation as specified; and providing for an effective date.

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

Section 1.

(a)

For the tax year 2005, the department of revenue shall exempt from property taxation the contributory fair market value of all intangible personal property attributable to Wyoming when the intangible personal property is separately identified on the taxpayer's or parent company's:

(i)

Books and records;

(ii)

Reports filed with any state or federal regulatory agency;

(iii)

Federal income tax returns; or

(iv)

Other documentation as provided by department rule and regulation.

Section 2.

This act is effective January 1, 2005.

(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

1