HB0022 • 2022

Industrial revenue bonds-PILOT payments.

AN ACT relating to industrial development projects; specifying the length for which industrial development projects are exempt from ad valorem taxation; amending the annual fee required for industrial development projects that are exempt from ad valorem taxation; specifying which industrial development projects qualify under this act; 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: 2022-03-03
Official status: inactive
Effective date: 3/1/2022

Plain English Breakdown

The bill did not pass, so its provisions have no legal impact.

Industrial Revenue Bonds and Property Tax Exemptions

The bill sets a ten-year limit on how long industrial development projects can be exempt from property taxes, changes the annual fee required for these tax-exempt projects to fully compensate state and local governments, and specifies that new projects starting after July 1, 2022, will follow these rules.

What This Bill Does

Sets a ten-year limit on how long industrial development projects can be exempt from property taxes.
Changes the annual fee required for tax-exempt projects to fully compensate state and local governments.
Specifies that new projects starting after July 1, 2022, will follow these rules.

Who It Names or Affects

Industrial development project owners who are exempt from property taxes
State and local government agencies receiving tax revenue

Terms To Know

ad valorem taxation: A type of tax based on the value of a property.
annual fee in lieu of taxes: An annual payment made by project owners to compensate for lost property tax revenue.

Limits and Unknowns

The bill did not pass and therefore has no legal effect.
Projects initiated before July 1, 2032, are subject to the current rules until then.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0022HS001

Standing Committee • House Revenue Committee

Adopted

Plain English: The amendment adds a provision to repeal a certain subsection of the bill on July 1, 2032.

Adds language that will cause a specific part of the bill's text to be removed as of July 1, 2032.

The amendment does not specify which subsection is being repealed or what its current content is.

HB0022S2001

2nd reading • Senator Hicks

Adopted

Plain English: The amendment changes the duration for which industrial development projects are exempt from property taxes and removes a specific percentage requirement.

Changes the maximum exemption period for ad valorem taxation to ten years.
Removes the requirement that annual fees be fifty percent of something.

The amendment does not specify what the removed 'fifty percent' refers to, making it unclear how this change will affect annual fees.

HB0022SS001

Standing Committee • Senate Revenue Committee

Adopted

Plain English: The amendment changes the deadline for certain industrial development projects to qualify for tax exemptions and adds a new rule about when these projects will no longer be exempt from property taxes.

Adds a requirement that projects must start before July 1, 2032, to qualify for tax exemption under this act.
Removes the existing deadline text and replaces it with a statement that projects starting on or after July 1, 2032, will not be exempt from ad valorem taxes.

The amendment does not specify what happens to projects initiated before July 1, 2032, but which have not yet started their tax exemption period.

Bill History

2022-03-03 Senate
S 3rd Reading:Failed 13-17-0-0-0
2022-03-02 Senate
S 2nd Reading:Passed
2022-03-01 Senate
S COW:Passed
2022-02-25 Senate
S Placed on General File
2022-02-25 Senate
S03 - Revenue:Recommend Amend and Do Pass 4-1-0-0-0
2022-02-23 Senate
S Introduced and Referred to S03 - Revenue
2022-02-17 Senate
S Received for Introduction
2022-02-17 House
H 3rd Reading:Passed 41-18-1-0-0
2022-02-16 House
H 2nd Reading:Passed
2022-02-15 House
H COW:Passed
2022-02-15 House
H Placed on General File
2022-02-15 House
H03 - Revenue:Recommend Amend and Do Pass 7-2-0-0-0
2022-02-14 House
H Introduced and Referred to H03 - Revenue 44-15-1-0-0
2022-02-11 House
H Received for Introduction
2022-01-06 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

22LSO-0206
2022
STATE OF WYOMING
22LSO-0206
ENGROSSED
3.0

HOUSE BILL NO. HB0022

Industrial revenue bonds-PILOT payments.

Sponsored by: Joint Revenue Interim Committee

A BILL

for

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

Section 1.

W.S. 15
‑
1
‑
708(b) is amended to read:

15
‑
1
‑
708.

Taxation or imposition of fee; amount; general procedure.

(b)

Projects initiated
after February 16, 1967,
under this section
are exempt from ad valorem taxes
during the bond term
, but the governing body shall negotiate with the proposed lessee an annual fee in lieu of taxes, which shall
fully
compensate the state, the political subdivisions and other recipients of ad valorem taxes for
fifty percent (50%) of
the share each would have received had this exemption not been authorized. The annual fee, if payable to a municipality, shall be remitted by the municipality to the county treasurer of the county wherein the project is located before January 1 of the year following the year for which the fee is collected. The county treasurer shall distribute the fee together with similar fees collected from county projects to the state, the political subdivisions and other recipients of ad valorem taxes in the same manner and proportions as the ad valorem tax revenues received by the county are distributed as by law provided.

This subsection is repealed effective July 1, 2032.

Section 2
.

The changes to W.S. 15
‑
1
‑
708(b) in section 1 of this act shall apply to projects initiated on or after July 1, 2022.

Section 3.

This act is effective July 1, 2022
.

(END)

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HB0022