Mineral excise tax deposits-constitutional amendment.

2017
STATE OF WYOMING
17LSO-0332
Introduced
1.2

House

Joint Resolution
NO.

HJ0005

Mineral excise tax deposits-constitutional amendment.

Sponsored by:
Representative(s) Hallinan and Blake and Senator(s) Wasserburger

A
JOINT RESOLUTION

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to require that proceeds from mineral excise taxes imposed by the Constitution be deposited in the general fund for a specified period.

BE
IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two
‑
thirds of all the members of the two houses, voting separately, concurring therein:

Section 1
.

The following proposal to amend Wyoming Constitution, Article
15
,
Section

19
is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 19.

Mineral excise tax; distribution
; permanent Wyoming mineral trust fund
.

(a)

The Legislature shall provide by law for an excise tax on the privilege of severing or extracting minerals, of one and one
‑
half percent (1 1/2%) on the value of the gross product extracted. The minerals subject to such excise tax shall be
coal,
petroleum, natural gas, oil shale, and such other minerals as may be designated by the Legislature. Such tax shall be in addition to any other excise, severance or ad valorem tax. The proceeds from suc
h tax shall be deposited in the Permanent Wyoming Mineral Trust
Fund
,
except for the period from July 1, 2019 through June 30, 2025 these proceeds shall be deposited in the general fund
.

(b)

The
fund
Permanent Wyoming Mineral Trust Fund
,
including all monies deposited in the fund from whatever
source,
shall remain inviolate. The monies in the fund shall be invested as prescribed by the Legislature and all income from fund investments shall be deposited by the State Treasurer in the general fund on an annual basis. The
Legislature may also specify by law, conditions and terms under which monies in the fund may be loaned to political subdivisions of the state.

Section 2
.

That the Secretary of State shall endorse the following statement on the proposed amendment:

Proceeds from
the
mineral excise tax
imposed by the Constitution
are currently deposited in the
Permanent Wyoming Mineral Trust Fund
. The adoption of this amendment would require the
se tax
proceeds
for a six
(6)
year period beginning July 1, 2019
to
instead
be
initially
deposited in
the
state's
g
eneral
f
und.
During this period these tax proceeds may then be expended by the legislature for any purpose including deposit to the Permanent Wyoming Mineral Trust Fund.

(END)

1
HJ0005