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24LSO-0211
2024
STATE OF WYOMING
24LSO-0211
Numbered
2.0
HOUSE BILL NO. HB0105
Insurance payments-not taxable.
Sponsored by: Representative(s) Slagle, Allemand, Andrew, Banks, Bear, Davis, Haroldson, Heiner, Hornok, Jennings, Penn and Smith and Senator(s) Hutchings and Ide
A BILL
for
AN ACT relating to taxation and revenue; exempting insurance damage settlement payments from sales and use taxation; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 39
‑
15
‑
105(a)(ix)(A), (B) and by creating a new subparagraph (C) and 39
‑
16
‑
105(a)(x)(A), (B) and by creating a new subparagraph (C) are amended to read:
39
‑
15
‑
105.
Exemptions.
(a)
The following sales or leases are exempt from the excise tax imposed by this article:
(ix)
For the purpose of avoiding application of the sales tax more than once on the same article of tangible property for the same taxpayer:
(A)
The trade
‑
in value of tangible personal property shall be excluded from the sales price of new tangible personal property when trade
‑
in and purchase occur in one (1) transaction;
and
(B)
The sales price paid for a motor vehicle, house trailer, trailer coach, trailer or semitrailer as defined in W.S. 31
‑
1
‑
101 if the vehicle is purchased by a nonresident of Wyoming and the vehicle is to be removed from the state of Wyoming within thirty (30) days of purchase.
The purchaser shall declare under penalty of perjury on a form prescribed by the department that he is not a resident of Wyoming
;
.
and
(C)
The amount of insurance payments used to purchase motor vehicles, house trailers, trailer coaches, trailers or semitrailers shall be excluded from the sale price of those items to the extent the owner's previous motor vehicle, house trailer, trailer coach, trailer or semitrailer was acquired by an insurance company pursuant to a damage settlement and the insurance payment was used within ninety (90) days of receiving the payment to purchase another motor vehicle, house trailer, trailer coach, trailer or semitrailer for which sales tax is due.
39
‑
16
‑
105.
Exemptions.
(a)
The following purchases or leases are exempt from the excise tax imposed by this article:
(x)
For the purpose of avoiding application of the use tax more than once on the same article of tangible property for the same taxpayer:
(A)
The trade
‑
in value of tangible personal property shall be excluded from the sales price of new tangible personal property when trade
‑
in and purchase occur in one (1) transaction;
and
(B)
The purchase price paid for a motor vehicle, house trailer, trailer coach, trailer or semitrailer as defined in W.S. 31
‑
1
‑
101 if the vehicle is purchased by a nonresident of Wyoming and the vehicle is to be removed from the state of Wyoming within thirty (30) days of purchase.
The purchaser shall declare under penalty of perjury on a form prescribed by the department that he is not a resident of Wyoming
;
.
and
(C)
The amount of insurance payments used to purchase motor vehicles, house trailers, trailer coaches, trailers or semitrailers shall be excluded from the sale price of those items to the extent the owner's previous motor vehicle, house trailer, trailer coach, trailer or semitrailer was acquired by an insurance company pursuant to a damage settlement and the insurance payment was used within ninety (90) days of receiving the payment to purchase another motor vehicle, house trailer, trailer coach, trailer or semitrailer for which sales tax is due.
Section 2
.
This act is effective July 1, 2024
.
(END)
1
HB0105