Tax exemptions and distribution of tax revenues.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0217

HOUSE BILL
NO.
HB0023

Tax exemptions and distribution of tax revenues.

Sponsored by:
Representative(s) Gingery

A BILL

for

AN ACT relating to taxation; providing a limited exemption from property taxation as specified;
amending the sales
and use
tax distribution
to offset reduced tax revenues; and providing for an effective date.

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

Section 1.

W.S. 39
‑
11
‑
105(a) by creating a new paragraph (xxxviii)
,
39
‑
15
‑
111(b)(i)
and 39
‑
16
‑
111(b)(i)
are
amended to read:

39
‑
11
‑
105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xxxviii)

For the tax year commencing January 1, 2009
and thereafter,
the first five thousand dollars ($5,000.00) of assessed value of improved residential property, but only to the extent the exemption provided under this paragraph does not reduce the total taxable value of the property to less than eight and one-quarter percent (8.25%) of the property's fair market value.

39
‑
15
‑
111.

Distribution.

(b)

Revenues earned under W.S. 39
‑
15
‑
104 during each fiscal year shall be recognized as revenue during that fiscal year for accounting purposes. Revenue collected by the department under W.S. 39
‑
15
‑
104 shall be transferred to the state treasurer who shall:

(i)

Credit
sixty-nine percent (69%)

sixty-five percent (65%)
to the state general fund except as provided by subsections (c) and (d) of this section;

39
‑
16
‑
111.

Distribution.

(b)

Revenues earned under this article during each fiscal year shall be recognized as revenue during that fiscal year for accounting purposes. Revenue collected by the department from the taxes imposed by this article shall be transferred to the state treasurer who shall:

(i)

Credit
sixty-nine percent (69%)

sixty-five percent (65%)
to the general fund except as provided by subsections (d) and (e) of this section;

Section
2
.

This act is effective July 1, 2008.

(END)

1
HB0023