SF0074 • 2012

Severance tax-trona valuation.

AN ACT relating to severance taxes; providing for alternative methods of valuation of trona; and providing for an effective date.

Land Taxes

Enacted

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

Sponsor: Senator Hastert
Last action: 2012-03-06
Official status: enrolled
Effective date: 3/6/2012

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.

SF0074SS001

Standing Committee • HINES

Adopted

Plain English: Adopted Standing Committee by HINES

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

2012-03-06 LSO
Assigned Chapter Number
2012-03-06 Governor
Governor Signed SEA0008
2012-03-02 House
H Speaker Signed SEA No. 0008
2012-03-01 Senate
S President Signed SEA No. 0008
2012-03-01 LSO
Assigned Number SEA0008
2012-03-01 House
H Passed 3rd Reading
2012-02-29 House
H Passed 2nd Reading
2012-02-28 House
H Passed CoW
2012-02-24 House
H Placed on General File
2012-02-24 House
H03 Recommended Do Pass
2012-02-23 House
H Introduced and Referred to H03
2012-02-22 House
H Received for Introduction
2012-02-21 Senate
S Passed 3rd Reading
2012-02-20 Senate
S Passed 2nd Reading
2012-02-17 Senate
S Passed CoW
2012-02-17 Senate
S Amendments Adopted
2012-02-17 Senate
Amendment Adopted
2012-02-16 Senate
S Placed on General File
2012-02-16 Senate
S03 Recommended Amend and Do Pass
2012-02-15 Senate
S Introduced and Referred to S03
2012-02-14 Senate
S Received for Introduction
2012-02-13 LSO
Bill Number Assigned

Official Summary Text

SF0074

Bill No.:
SF0074
Drafter:

LGC

LSO No.:
12LSO-0303
Effective Date:

March 6, 2012

Enrolled Act No.:
SEA0008

Chapter No.:
CH0015

Prime Sponsor:
Senator
Hastert

Catch Title:
Severance
tax-trona valuation.

Subject:
Allowing agreements on valuation of
trona products for taxation.

Summary/Major Elements:

The act allows the department
of revenue and a taxpayer to jointly agree on an alternative method to
determine fair market value of trona products for taxation purposes.

Comments:

Report Required:
The department of revenue shall report any actions taken under this act to the
joint minerals, business and economic development interim committee by October
1 of each year.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0074

ENROLLED ACT NO. 8, SENATE

SIXTY-FIRST LEGISLATURE OF THE STATE OF WYOMING
2012 BUDGET SESSION

AN ACT relating to
severance taxes; providing for alternativ
e methods of valuation of trona;
requiring a report;
and providing for an effective date.

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

Section 1.

W.S. 39
‑
14
‑
303(b) by creating a new paragraph (vi) is amended to read:

39
‑
14
‑
303.

Imposition.

(b)

Basis of tax (valuation). The following shall apply:

(vi)

When the taxpayer and department jointly agree that the application of the methods listed in
paragraph
s

(i) through
(v) of this subsection does not produce a representative fair market value for the
product
, a mutually acceptable al
ternative method may be applied.

Not later than October 1 of each year, the department shall report to the joint minerals, business and economic development interim committee and the joint revenue interim committee on any action taken under this paragraph.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(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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