HB0052 • 2015

Sales tax exclusion-related business entities.

AN ACT relating to taxation; providing that the lease of tangible assets between related business entities is not subject to taxation as specified; providing a definition; 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: 2015-02-25
Official status: enrolled
Effective date: 7/1/2015

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.

HB0052HS001

Standing Committee • HRevenue

Adopted

Plain English: Adopted Standing Committee by HRevenue

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

2015-02-25 LSO
Assigned Chapter Number
2015-02-25 Governor
Governor Signed HEA No. 0035
2015-02-23 Senate
S President Signed HEA No. 0035
2015-02-20 House
H Speaker Signed HEA No. 0035
2015-02-20 LSO
Assigned Number HEA No. 0035
2015-02-20 Senate
S 3rd Reading:Passed 29-0-1-0-0
2015-02-19 Senate
S 2nd Reading:Passed
2015-02-18 Senate
S COW:Passed
2015-02-12 Senate
S Placed on General File
2015-02-12 Senate
Revenue:Recommend Do Pass 5-0-0-0-0
2015-02-04 Senate
S Introduced and Referred to S03 - Revenue
2015-01-23 Senate
S Received for Introduction
2015-01-21 House
H 3rd Reading:Passed 60-0-0-0-0
2015-01-20 House
H 2nd Reading:Passed
2015-01-19 House
H COW:Passed
2015-01-19 House
Amendment Adopted
2015-01-16 House
H Placed on General File
2015-01-16 House
Revenue:Recommend Amend and Do Pass 9-0-0-0-0
2015-01-13 House
H Introduced and Referred to H03 - Revenue
2015-01-13 House
H Received for Introduction
2015-01-05 LSO
Bill Number Assigned

Official Summary Text

Summary for LSO115
Bill No.:
HB0052
Effective
:
7/1/2015

LSO No.:
15LSO-0162

Enrolled Act No.:
HEA 35

Chapter No.:
44

Prime Sponsor:
Joint Revenue Interim Committee

Catch Title:
Sales tax exclusion-related business entities.

Subject:
Transactions between related business entities excluded from sales tax.

Summary/Major Elements:

This bill provides a sales tax exemption for the lease or rental of assets between related business entities.

The bill specifies the related entities eligible for the exemption are:

parent and close
ly held subsidiary corporations;
subsidiary corporations closely held by the same parent corporation
; and
affiliated companies, partnerships, corporations or other business entities which are owned in similar percentages by the same persons.

The
bill provides a definition for “
closel
y held subsidiary corporations.”
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0052

ENROLLED ACT NO.
35
,

HOUSE OF REPRESENTATIVES

SIXTY-THIRD LEGISLATURE OF THE STATE OF WYOMING
2015 General Session

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

Section 1
.

W.S. 39
‑
15
‑
101(a)(vii)
(intro),
by creating a new subparagraph (M) and by amending and renumbering
(M) as (N) is amended to read:

39
‑
15
‑
101
.

Definitions.

(a)

As used in this article:

(vii)

"Sale" means any transfer of possession in this state for a consideration including the fabrication of tangible personal property when the materials are furnished by the purchaser but excluding an exchange or transfer of tangible personal property upon which the seller
or lessor
has directly or indirectly paid sales or use tax incidental to:

(M)

The lease or rental of tangible personal property for consideration between parent and closely held subsidiary corporations, between subsidiary corporations closely held by the same parent corporation
,
or between aff
iliated companies, partnerships,
corporations
or other business entities
which are owned in similar percentages by the same persons. As used in this subparagraph, "closely held subsidiary corporation" means a corporation in which the parent corporation owns stock possessing at least eighty percent (80%) of the total combined voting power of all classes of stock entitled to vote and owns at least eighty percent (80%) of the total number of shares of all other classes of stock;

(M)
(N)

The sale of a business entity when sold to a purchaser of all or not less than eighty percent (80%) of the value of all of the assets which are located in this state of the business entity when the purchaser continues to use the tangible personal property in the operation of an ongoing business entity in this state. As used in
this subparagraph
subparagraphs (M) and (N) of this section
, "business entity" means and includes an individual, partnership, corporation, corporate division, joint stock company or any other association or entity, public or private, or separate business unit thereof.

Section
2
.

This
act is effective July 1,
2015
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk