Coal severance tax credit.

2016
State of Wyoming
16LSO-0203
Introduced
1.3

HOUSE BILL

NO.
HB0023

Coal severance tax credit.

Sponsored by:
Representative(s) Barlow and Clem and Senator(s) Von Flatern

A BILL

for

AN ACT relating to taxation; providing a credit for state tax liability for coal subject to federal mineral royalty payments above a specified rate; and providing for an effective date.

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

Section 1
.

W.S.
39
‑
14
‑
109(
d)
by creating a
new
paragraph
(
iv
) is amended to read:

39
‑
14
‑
109
.

Taxpayer remedies.

(d)

Credits. The following shall apply:

(iv)

For coal subject to a federal mineral royalty rate greater than twelve and one
‑
half percent (12.5%), the taxpayer
is entitled to
receive an offsetting credit toward future tax liability under this article equal to the amount the state of Wyoming receives as its
net
share of federal mineral royalties under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, in excess of
the amount the state of Wyoming would have received under
a twelve and one
‑
half percent (12.5%)
royalty
rate
on the
coal mined by the taxpayer in the previous calendar year.
The credit shall not exceed the tax liability of the taxpayer in the successive calendar year. A credit issued under this paragraph shall not extend beyond the calendar year in which it is issued.
The credit shall not reduce the portion of the taxpayer's tax liability
remitted to the permanent Wyoming mineral trust fund by law.

Section
2
.

This
act is effective J
anuary
1,
201
7
.

(END)

1
HB0023