Capital facilities sales tax.

WORKING DRAFT
2007
STATE OF WYOMING
07LSO-0439.E1

HOUSE BILL
NO.
HB0118

Capital facilities sales tax.

Sponsored by:
Representative(s) McOmie and Senator(s) Hines

A BILL

for

AN ACT relating to local option sales taxes; requiring a reserve fund for capital construction projects funded through the special purpose tax; restricting use of reserve fund; and providing for an effective date.

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

Section 1.

W.S. 39
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15
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203(a)(iii) by creating a new subparagraph (H) is amended to read:

39
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15
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203.

Imposition.

(a)

Taxable event. The following shall apply:

(iii)

The following provisions apply to imposition of the specific purpose excise tax under W.S. 39
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15
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204(a)(iii):

(H)

If the purpose of the proposition is financing a capital construction project, the proposition shall provide that not less than three percent (3%) of the project cost shall be used for the creation of a reserve fund for the maintenance and repair of the buildings funded under the project contained within the proposition. The reserve fund amount shall be included within the amount specified for the project in the proposition.
No funds in the reserve fund shall be used for major building and facility repair or replacement prior to twelve (12) months after completion of the project. For purposes of this subparagraph "major building and facility repair or replacement" means the repair or replacement of complete or major portions of building and facility systems at irregular intervals which is required to continue the use of the building or facility at its original capacity, for its original intended use, including for compliance with the Americans with Disabilities Act, and including installing fire suppression systems in residential facilities and is typically accomplished by contractors due to the personnel demand to accomplish the work in a timely manner, the level of sophistication of the work or the need for warranted work.

Section 2.

This act is effective July 1, 2007.

(END)

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HB0118