Notice of valuation change reporting.

2017
STATE OF WYOMING
17LSO-0202
Introduced
1.2

SENATE FILE

NO.

SF0022

Notice of valuation change reporting.

Sponsored by:
Joint Revenue Interim Committee

A BILL

for

AN ACT relating to oil and gas taxation; authorizing the department to suspend processing of amended production tax returns below a specified amount as provided; and providing for an effective date.

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

Section 1
.

W.S. 39
‑
14
‑
208(
b) by creating a new paragraph (xi) is amended to read:

39
‑
14
‑
208
.

Enforcement.

(b)

Audits. The following shall apply:

(xi)

If the department receives a
n
amended production tax return

from a taxpayer, the department shall:

(A)

For the purpose of severance taxes, process the
amended severance tax return
in the ordinary course of business;

(B)

For the purpose of the ad valorem tax on production, process the
amended gross products return
as follows:

(I)

If
the
amended gross products return
is more than ten thousand dollars ($10,000
.00
), process the
return
in the ordinary course of business;

(
II)

If the
amended gross products return
is ten thousand dollars ($10,000
.00
) or less, suspend processing of the
return
until all suspended
returns
from that taxpayer total one million dollars ($1,000,000.00)
or more
or
until
December 31 of each
calendar year, whichever occurs first. When processing the
amended gross products returns
under this subdivision, the department shall net the positive and negative changes
and issue the resulting change in
a
single notice to the
taxpayer
and the affected county or counties. No interest shall accrue on
an amended gross products return
that is submitted and processed under this subdivision.

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)

1
SF0022