Taxation of sale and lease transaction.

2017
STATE OF WYOMING
17LSO-0171
Introduced
1.4

SENATE FILE

NO.

SF0124

Taxation of sale and lease transaction.

Sponsored by:
Senator(s) Kinskey and Bebout and Representative(s) Kinner

A BILL

for

AN ACT relating to sales and use tax; providing that a sale and lease back transaction for tangible personal property is not subject to taxation as specified; and providing for an effective date.

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

Section 1
.

W.S. 39
‑
15
‑
101(
a)(vii) by creating a new subparagraph (O) and 39
‑
16
‑
101(a)(iii) by creating a new subparagraph (N) are 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:

(O)

The
sale
and lease
of tangible personal property
where the
person
lease
s the same property
back to the seller
not later than seven (7) days after the sale,

to the extent
the seller
paid sales or use tax
on the original purchase of that
pro
perty.

39
‑
16
‑
101
.

Definitions.

(a)

As used in this article:

(iii)

"Sale" means the transfer of possession of tangible personal property from a vendor for a
consideration for storage, use or other consumption in Wyoming excluding the exchange or transfer of tangible personal property upon which the seller has directly or indirectly paid sales or use tax incidental to:

(N)

The
sale
and lease
of tangible personal property
where the
person leases the same property back to the seller
not later than seven (7) days after the sale,
to the extent the seller paid sales or use tax on the original purchase of that property.

Section
2
.

This
act is effective July 1,
201
7
.

(END)

1
SF0124