Veterans ad valorem exemption-amount.

Plain English Breakdown

The exact amount of funds to be appropriated is not detailed in the summary provided.

Increase Veterans' Property Tax Exemption

This law increases the property tax exemption for certain veterans from $3,000 to $6,000 starting in 2025 and requires the Department of Revenue to create rules to implement it.

What This Bill Does

• Increases the annual property tax exemption for eligible veterans from $3,000 to $6,000 starting with the 2025 tax year.
• Appropriates funds from the general fund to reimburse county treasurers for the increased exemption amount.
• Requires the Department of Revenue to make rules to implement this law.

Who It Names or Affects

• Veterans who have been Wyoming residents for at least three years and meet eligibility requirements.
• County treasurers who will receive reimbursements to cover the increased exemption amount.

Terms To Know

ad valorem tax

A property tax based on the value of a piece of property.

exemption

An allowance that reduces the amount of taxes someone has to pay.

Limits and Unknowns

• The law does not specify how many veterans will benefit from this increase.
• It is unclear if there are any limits on how much money can be spent for reimbursements.

Official Summary Text

Bill Summary - 24LSO-0538

Bill No.:

SF0089

Effective:

Multiple Dates

LSO No.:

24LSO-0538

Enrolled Act No.:

SEA No. 0061

Chapter No.:

101

Prime Sponsor:

Cooper

Catch Title:

Veterans ad valorem exemption-amount.

Has Report:

No

Subject:

Increasing the exemption amount for the veterans' ad valorem exemption.

Summary/Major Elements:

Under current law, certain veterans who have been Wyoming residents for at least three (3) years are entitled to an ad valorem tax exemption. This exemption is limited to an annual exemption of three thousand dollars ($3,000.00) of assessed value.

Beginning with the 2025 tax year, this act increases the maximum amount of the annual exemption to six thousand dollars ($6,000.00) of assessed value.

The act appropriates funds from the general fund to the State Treasurer to provide reimbursements to county treasurers for the increase in the exemption as provided in this act.

The act requires the Department of Revenue to promulgate rules to implement this act.

Comments:

This act has a split effective date. The act is effective January 1, 2025; the provisions authorizing rulemaking are effective immediately.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.

While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

24LSO-0538

ORIGINAL Senate

File No
.
SF0089

ENROLLED ACT NO. 61,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session

AN ACT relating to taxation and revenue; increasing the amount of exemption for veterans for ad valorem taxation; requiring rulemaking; specifying applicability; providing an appropriation; and providing for effective dates.

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

Section 1
.

W.S. 39
‑
13
‑
105(b) is amended to read:

39
‑
13
‑
105.

Exemptions.

(b)

The exemption for veterans is limited to an annual exemption of
three thousand dollars ($3,000.00)
six thousand dollars ($6,000.00)
of assessed value.

Section 2
.

(a)

Subject to subsection (b) of this section, there is appropriated eight million two hundred thousand dollars ($8,200,000.00) from the general fund to the state treasurer to be expended only for purposes of providing reimbursements to county treasurers for the veterans' tax exemption as provided by W.S. 39
‑
13
‑
102(k). This appropriation shall not be transferred or expended for any other purpose and any unobligated, unexpended funds remaining from this appropriation shall revert as provided by law on June 30, 2027.

(b)

The appropriation in subsection (a) of this section shall be reduced by one dollar ($1.00) for every one dollar ($1.00) appropriated to the state treasurer during the 2024 budget session in excess of eleven million five hundred forty
‑
five thousand eight hundred thirty
‑
nine dollars ($11,545,839.00) for purposes of providing reimbursements to counties under W.S. 39
‑
13
‑
102(k).

(c)

It is the intent of the legislature that the appropriation in subsection (a) of this section be included in the state treasurer's standard budget for the immediately succeeding fiscal biennium.

Section 3
.

This act shall apply to ad valorem tax assessed on and after January 1, 2025.

Section 4.

The department of revenue shall promulgate all rules necessary to implement the provisions of this act.

Section 5
.

(a)

Except as provided in subsection (b) of this section, this act is effective January 1, 2025
.

(b)

Sections 4 and 5 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)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1