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SF0053 • 2020
Property tax exemption.
AN ACT relating to property taxes; providing an exemption for business property subject to specified restrictions and requirements; and providing for an effective date.
Taxes
Did Not Pass
The latest official action shows that this bill did not move forward in that session.
- Sponsor
- Revenue
- Last action
- 2020-02-24
- Official status
- inactive
- Effective date
- 3/1/2020
Plain English Breakdown
The bill did not pass and there are no details on what changes were made during amendments that would affect the summary.
Property Tax Exemption
The bill proposes to exempt up to $3,300 of the assessed value of business property from property taxes in Wyoming.
What This Bill Does
- Creates an exemption of up to $3,300 of the assessed value of business property owned by a taxpayer in each county.
- Requires taxpayers with business property operating in multiple counties to designate one county for the exemption.
- Limits eligibility for the exemption to those who are current on tax payments and submit required reports.
Who It Names or Affects
- Business property owners in Wyoming
- County assessors responsible for determining eligibility
Terms To Know
- Exemption
- A reduction or exclusion from a tax obligation.
- Assessed value
- The official valuation of property used to calculate taxes.
Limits and Unknowns
- The bill did not pass and was last voted on in the Senate where it failed.
- It would have taken effect January 1, 2021 if passed.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Plain English: The amendment changes the conditions for a property tax exemption by altering how delinquent payments affect eligibility.
- Replaces 'in a year that' with 'if' to clarify when certain conditions apply.
- Removes language requiring businesses to be current on all payments, replacing it with a requirement that they have no delinquent taxes.
- Deletes the phrase 'may' followed by additional text after 'require the taxpayer', changing how tax requirements are stated.
- The amendment's technical changes may not fully convey its practical implications without further context.
Plain English: The amendment changes the entity responsible for granting a property tax exemption from each individual county to the entire state.
- Replaces 'each county' with 'the state' in the bill, changing who is responsible for providing the property tax exemption.
- The amendment does not specify how the state will implement or manage this new responsibility.
SF0053SS001
Standing Committee • Senate Revenue Committee
Adopted
Plain English: The amendment removes language requiring taxpayers to designate a specific county for property tax purposes and adds that the allocation of property taxes must be made only to the home county as defined by state law.
- Removes the requirement for taxpayers to specify one county for property tax purposes.
- Adds new text stating that property tax allocations will go exclusively to the taxpayer's home county, as determined by state regulations.
- The amendment does not provide details on how the 'home county' is defined or what specific restrictions and requirements apply to business properties.
Bill History
-
2020-02-24
Senate
S 3rd Reading:Failed 15-15-0-0-0
-
2020-02-21
Senate
S 2nd Reading:Passed
-
2020-02-20
Senate
S COW:Passed
-
2020-02-19
Senate
S Placed on General File
-
2020-02-19
Senate
S03 - Revenue:Recommend Amend and Do Pass 4-1-0-0-0
-
2020-02-11
Senate
S Introduced and Referred to S03 - Revenue 25-4-1-0-0
-
2020-02-10
Senate
S Received for Introduction
-
2020-01-21
LSO
Bill Number Assigned
Current Bill Text
Read the full stored bill text
20LSO-0274
2020
STATE OF WYOMING
20LSO-0274
Numbered
2.0
SENATE FILE NO. SF0053
Property tax exemption.
Sponsored by: Joint Revenue Interim Committee
A BILL
for
AN ACT relating to property taxes; providing an exemption for business property subject to specified restrictions and requirements; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S. 39
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105(a) by creating a new paragraph (xlii) is amended to read:
39
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105.
Exemptions.
(a)
The following property is exempt from property taxation:
(xlii)
Three thousand three hundred dollars ($3,300.00) of assessed value of business property owned by the taxpayer in each county. If the taxpayer owns business property that operates in and is being prorated to more than one (1) county, the taxpayer shall designate that property to one (1) county for purposes of the exemption under this paragraph. Except as otherwise provided in this paragraph, a taxpayer shall only be entitled to an exemption under this paragraph in a year that the taxpayer is current on payment of all taxes and has submitted the report required by W.S. 39
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107(a)(i) to the county assessor within the time period specified by that paragraph. After the first year that a taxpayer qualifies for an exemption under this paragraph the county assessor may, subject to his discretion, on an annual basis determine whether the taxpayer shall be required to report in order to continue to qualify for the exemption under this paragraph. As used in this paragraph, "business property" means taxable personal property excluding any property that is exempt under W.S. 39
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105(a)(xi) as personal property held for personal or family use.
Section 2
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This act is effective January 1, 2021
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(END)
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SF0053