Home owner's tax credit-3.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0280

HOUSE BILL
NO.
HB0084

Home owner's tax credit-3.

Sponsored by:
Representative(s) Olsen, Davison and Landon and Senator(s) Schiffer

A BILL

for

AN ACT relating to taxation and revenue; providing for the home owner's tax credit as specified;
increasing the value of the credit; imposing limitations;
providing amendments; repealing conflicting provision; providing an appropriation; specifying applicability of the act; and providing for an effective date.

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

Section 1.

W.S. 39
‑
13
‑
109(d)(i)(D)(intro)
,
(II), (E)(intro)
,
(III)
,
(
F)(II)
and by creating a new subparagraph (K)
is amended to read:

39
‑
13
‑
109.

Taxpayer remedies.

(d)

Credits. The following shall apply:

(i)

The following shall apply to the home owner's tax credit:

(D)

The tax credit under subparagraph (A) of this paragraph is
one thousand four hundred sixty dollars ($1,460.00)
two
thousand dollars ($
2
,000.00) of assessed value, or the assessed value, whichever is less,
times the mill levy to be applied against the property if the dwelling and land
, not to exceed two (2) acres on which the dwelling is located,
have a combined assessed value of less than
three thousand nine hundred dollars ($3,900.00), or five hundred ninety dollars ($590.00) times the mill levy to be applied against the property if the dwelling
the median assessed value of dwellings
and land
, not to exceed two (2) acres on which the dwelling is located,

have a combined assessed value of at least three thousand nine hundred dollars ($3,900.00) but less than five thousand eight hundred fifty dollars ($5,850.00)

of the county in which the property is located
and if:

(II)

The dwelling has been occupied in
Wyoming

since the beginning of the calendar year

for a period of not less than
five (5)
continuous years
by the applicant.

(E)

The tax credit under subparagraph (A) of this paragraph is
five hundred ninety dollars ($590.00)
two
thousand dollars ($
2
,000.00) of assessed value, or the assessed value, whichever is less,
times the mill levy to be applied against the property if
the dwelling and land have a combined assessed value of less than the median assessed value of dwellings and land of the county in which the property is located and if
:

(II
I
)

The dwelling has been occupied in
Wyoming

since the beginning of the calendar year

for a period of not less than
five
(
5
) continuous years
by the applicant.

(F)

As used in this paragraph:

(II)

"Dwelling" means a house
, trailer house, mobile home, transportable home
or other dwelling place
, but shall not include a trailer house, mobile home or transportable home
.

(K)

The credit provided by this paragraph shall be valid only to the extent the credit 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.

Section 2.

W.S. 39
‑
13
‑
109(d)(i)
(
E)(I) is repealed.

Section 3.

Beginning with the effective date of this act and ending June 30, 2009, there is appropriated to the department of revenue from the general fund
four
million
one
hundred thousand dollars ($
4
,
1
00,000.00) for the purposes of this act.

Section 4.

This act shall apply to the property taxes imposed during the calendar year 2008.

Section 5.

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)

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HB0084