HB0146 • 2021

Personal property depreciation.

AN ACT relating to property taxation; specifying that the valuation of tangible personal property shall consider depreciation and shall not be increased above the market value of the property; 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: Representative Fortner
Last action: 2021-03-22
Official status: inactive
Effective date: 3/1/2021

Plain English Breakdown

The bill did not pass, so it has no legal effect as of now.

Depreciation of Personal Property for Tax Purposes

The bill changes how tangible personal property is valued for tax purposes by considering depreciation and not allowing the value to be increased above market value.

What This Bill Does

Specifies that the valuation of tangible personal property shall consider depreciation over time.
Requires that the valuation of tangible personal property does not increase beyond its current market value, excluding any factors such as residual or use value.

Who It Names or Affects

Owners and users of tangible personal property who are subject to property taxes.

Terms To Know

Fair market value: The price at which a well-informed buyer would purchase an item from a well-informed seller in the open market, without any pressure or compulsion.
Depreciation: A decrease in the value of property over time due to wear and tear, age, or obsolescence.

Limits and Unknowns

The bill did not pass during its session.
It is unclear how this change would affect specific types of tangible personal property.
The effective date mentioned in the bill text (July 1, 2021) does not align with the last action date (March 22, 2021).

Bill History

2021-03-22 House
H COW:Failed 24-36-0-0-0
2021-03-18 House
H Placed on General File
2021-03-18 House
H03 - Revenue:Recommend Do Pass 6-3-0-0-0
2021-03-04 House
H Introduced and Referred to H03 - Revenue
2021-03-01 House
H Received for Introduction
2021-02-24 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

21LSO-0480
2021
STATE OF WYOMING
21LSO-0480
Numbered
2.0

HOUSE BILL NO. HB0146

Personal property depreciation.

Sponsored by: Representative(s) Fortner, Bear, Burt, Haroldson, Jennings, Laursen and Ottman and Senator(s) James

A BILL

for

AN ACT relating to property taxation; specifying that the valuation of tangible personal property shall consider depreciation and shall not be increased above the market value of the property; 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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11
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101(a)(vi) is amended to read:

39
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11
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101.

Definitions.

(a)

As used in this act unless otherwise specifically provided:

(vi)

"Fair market value" means the amount in cash, or terms reasonably equivalent to cash, a
well informed
buyer is justified in paying for a property and a
well informed
seller is justified in accepting, assuming neither party to the transaction is acting under undue compulsion, and assuming the property has been offered in the open market for a reasonable time, except, fair market value of agricultural land shall be determined as provided by W.S. 39
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13
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103(b)(x) and fair market value of mine products shall be determined as provided by W.S. 39
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14
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103(b), 39
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14
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203(b), 39
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14
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303(b), 39
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14
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403(b), 39
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14
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503(b), 39
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14
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603(b) and 39
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14
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703(b)
. "Fair market value" for tangible personal property shall consider depreciation of property value over time and shall not include value in use, residual value or any other factor to increase the value above the amount that a well informed buyer would be justified in paying for the property and a well informed seller would be justified in accepting in the open market
;

Section 2
.

This act is effective July 1, 2021
.

(END)

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HB0146