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SF0042 • 2022

Reporting on business franchise tax.

AN ACT relating to business entity records and reports; requiring business entities to report specified information to the secretary of state; providing rulemaking authority; requiring reporting; and providing for effective dates.

Taxes
Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Revenue
Last action
2022-02-16
Official status
inactive
Effective date
3/1/2022

Plain English Breakdown

Checked against official source text during the last sync.

Reporting on Business Franchise Tax

This act requires certain business entities to report specific financial information to the secretary of state and allows the secretary to create rules about how this reporting should happen.

What This Bill Does

  • Requires businesses that file annual reports with the Wyoming Secretary of State to include details like total gross receipts, Wyoming earnings, home state for federal income taxes, and Wyoming payroll in their report.
  • Keeps reported information private unless it's needed by the department of revenue or a committee looking at tax laws.
  • Gives the secretary of state power to make rules about how businesses should submit this information.
  • Exempts nonprofit corporations, statutory trusts, and statutory foundations from reporting.

Who It Names or Affects

  • Business entities that file annual reports with the Wyoming Secretary of State
  • The Wyoming Department of Revenue
  • The Joint Revenue Interim Committee

Terms To Know

Gross receipts
Total income from sales or services before any expenses are subtracted.
Rulemaking authority
Permission for an official to create rules that explain how laws should be followed.

Limits and Unknowns

  • The bill did not pass and was not signed into law.
  • It is unclear which specific businesses are exempt beyond nonprofits, statutory trusts, and statutory foundations.

Bill History

  1. 2022-02-16 Senate

    S Failed Introduction 5-25-0-0-0

  2. 2022-02-07 Senate

    S Received for Introduction

  3. 2022-01-24 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
22LSO-0218
2022
STATE OF WYOMING
22LSO-0218
Numbered
2.0

SENATE FILE NO. SF0042

Reporting on business franchise tax.

Sponsored by: Joint Revenue Interim Committee

A BILL

for

AN ACT relating to business entity records and reports; requiring business entities to report specified information to the secretary of state; providing rulemaking authority; requiring reporting; and providing for effective dates.

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

Section 1.

W.S. 17
‑
27
‑
102 is created to read:

17
‑
27
‑
102.

Reporting related to business franchise tax.

(a)

In the first annual report due on or after July 1, 2023 and annually thereafter and except as provided in subsection (c) of this section, each entity required to file an annual report and pay an annual license fee under
this title shall report to the secretary of state the following information from the immediately preceding tax year:

(i)

Total gross receipts reported for federal tax purposes;

(ii)

The portion of gross receipts earned in Wyoming;

(iii)

The home state of the entity for federal income tax allocation purposes;

(iv)

The total payroll of the entity in the state of Wyoming.

(b)

Except as otherwise provided in this subsection, all information reported to the secretary of state pursuant to this section shall be kept confidential and shall not be subject to disclosure under the Wyoming Public Records Act. Upon request, the secretary of state shall submit aggregated information without individual identifying information to the department of revenue and the joint
revenue interim committee for the purpose of developing and considering legislation.

(c)

The secretary of state shall adopt rules necessary to enable collection of the information required under subsection (a) of this section and shall make any necessary changes to the report form and electronic filing system related to the collection of that information. The rules shall provide that nonprofit corporations, statutory trusts and statutory foundations shall not be required to report the information required under subsection (a) of this section.

Section 2
.

Not later than June 30, 2023 the secretary of state shall promulgate rules for business franchise tax reporting as provided in W.S. 17
‑
27
‑
102(c) created by section 1 of this act.

Section 3
.

(a)

Except as otherwise provided in subsection (b) of this section, t
his act is effective July 1, 2023
.

(b)

Sections 2 and 3 of
this act are 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)

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SF0042