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SF0068 • 2024

Tangible personal property-tax exemption.

AN ACT relating to property taxes; providing a property tax exemption for tangible personal property; specifying applicability; and providing for an effective date.

Taxes
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Senator McKeown
Last action
2024-03-05
Official status
inactive
Effective date
3/1/2024

Plain English Breakdown

The bill summary does not provide specific details about what constitutes tangible personal property beyond excluding items for personal or family use.

Property Tax Exemption for Tangible Personal Property

The bill provides a property tax exemption of up to $20,000 for tangible personal property used in business and excludes certain items from the exemption.

What This Bill Does

  • Creates an exemption from property taxes for tangible personal property with a fair market value not exceeding $20,000 used in business operations.
  • Defines 'tangible personal property' as excluding any property held for personal or family use.

Who It Names or Affects

  • Business owners who have tangible personal property with a fair market value of up to $20,000 used in their business operations.

Terms To Know

Tangible Personal Property
Physical items owned by a business that can be touched and moved, such as equipment or inventory.

Limits and Unknowns

  • The exemption does not apply to any property tax assessments imposed before January 1, 2025.
  • It excludes personal and family-use items from the definition of tangible personal property eligible for the exemption.

Amendments

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

SF0068S2001

2nd reading • Senator Hicks

Withdrawn

Plain English: The amendment adds a limit to the property tax exemption for tangible personal property, capping it at $20,000.

  • Adds a new clause after 'property,' specifying that the total exemption amount cannot exceed $20,000.
  • The amendment text does not provide details on how this limit will be enforced or what happens if property exceeds the cap.
SF0068S3001

3rd reading • Senator Hicks

Adopted

Plain English: The amendment modifies the bill to remove certain sections, delete specific wording, and add a new limit on property tax exemption for tangible personal property.

  • Removed references to 'making conforming', entire lines, and specific legal codes from the original text.
  • Inserted a new clause limiting the total exemption of tangible personal property to $20,000 in fair market value.
  • Adjusted section numbering by changing '3.' to '2.' and '4.' to '3.'
  • The amendment text does not provide full context for all deletions, making it unclear what specific content was removed.

Bill History

  1. 2024-03-05 House

    H:Died in Committee Returned Bill Pursuant to HR 5-4

  2. 2024-03-05 House

    H No report prior to CoW Cutoff

  3. 2024-03-04 House

    H03 - Revenue:Do Pass Failed 4-5-0-0-0

  4. 2024-02-28 House

    H Introduced and Referred to H03 - Revenue

  5. 2024-02-28 House

    H Received for Introduction

  6. 2024-02-27 Senate

    S 3rd Reading:Passed 25-6-0-0-0

  7. 2024-02-26 Senate

    S 2nd Reading:Passed

  8. 2024-02-23 Senate

    S COW:Passed

  9. 2024-02-22 Senate

    S Placed on General File

  10. 2024-02-22 Senate

    S03 - Revenue:Recommend Do Pass 4-1-0-0-0

  11. 2024-02-19 Senate

    : Refer to S03 - Revenue

  12. 2024-02-15 Senate

    S Introduced and Referred to S01 - Judiciary 25-3-3-0-0

  13. 2024-02-05 Senate

    S Received for Introduction

  14. 2024-01-30 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
24LSO-0370
2024
STATE OF WYOMING
24LSO-0370
ENGROSSED
3.0

SENATE FILE NO. SF0068

Tangible personal property-tax exemption.

Sponsored by: Senator(s) McKeown

A BILL

for

AN ACT relating to property taxes; providing a property tax exemption for tangible personal property; specifying applicability; 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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105(a)(xlii) is amended to read:

39
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11
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105.

Exemptions.

(a)

The following property is exempt from property taxation:

(xlii)

If a person owns two thousand four hundred dollars ($2,400.00) or less in fair market value of business property in one (1) county, the business property shall be exempt as de minimis business property. As used in this paragraph, "business property" means taxable
All tangible
personal property
, not to exceed a total exemption of twenty thousand dollars ($20,000.00) of the fair market value of the tangible personal property,
excluding any property that is exempt under W.S. 39
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11
‑
105(a)(xi) as personal property held for personal or family use.

Section 2.

This act shall not apply to any property tax assessment imposed before January 1, 2025.

Section 3
.

This act is effective January 1, 2025
.

(END)

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SF0068