Wyoming dividend account.

24LSO-0541
2024
STATE OF WYOMING
24LSO-0541
Numbered
2.0

SENATE FILE NO. SF0093

Wyoming dividend account.

Sponsored by: Senator(s) Ellis

A BILL

for

AN ACT relating to public funds; creating the Wyoming dividend account within the legislative stabilization reserve account; specifying disposition of investment earnings for the dividend account; modifying distribution of investment earnings; making conforming amendments; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
219.1 is created to read:

9
‑
4
‑
219.1.

Wyoming dividend account; investments; dividends; distribution requirements.

(a)

There is created the Wyoming dividend account within the legislative stabilization reserve account. Funds within the account shall only be expended by legislative appropriation for the purposes specified in this section. All funds within the account shall be invested by the state treasurer in accordance with law. All earnings from the account shall be credited to the account. For purposes of investing and accounting only, the Wyoming dividend account shall be treated as a separate account from the legislative stabilization reserve account.

(b)

To the extent that funds are available in the account, the legislature may by law, including by a legislative appropriation act, provide for the disbursement of funds from the account as a dividend payment to qualifying Wyoming residents, in accordance with the following:

(i)

To receive a dividend in any one (1) year, a person shall:

(A)

Be a citizen of the United States or a permanent resident of the United States;

(B)

Be a bona fide resident of the state of Wyoming during the entire preceding calendar year;

(C)

Not have claimed residency in any other state or country at any time during the preceding calendar year;

(D)

Not have been convicted of a felony in the preceding calendar year or incarcerated at any time in the preceding calendar year as a result of a felony conviction;

(E)

Not have been claimed as a dependent by any other person on the person's federal tax return for the preceding calendar year.

(ii)

Dividend payments provided from the account shall be made in equal payments to all qualifying Wyoming residents;

(iii)

Dividend payments shall be made only upon legislative authorization and in accordance with law.

Section 2.

W.S. 9
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4
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719(q)(intro) and (i) is amended to read:

9
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4
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719.

Investment earnings spending policy permanent funds.

(q)

The earnings from the permanent Wyoming mineral trust fund under W.S. 9
‑
4
‑
204(u)(iii) during each fiscal year beginning July 1,
2016
2024
, which are less than the spending policy established in subsection (d) of this section are appropriated from the general fund subject to subsection (s) of this section and the following:

(i)

Any earnings in excess of two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the trust fund, calculated from the first day of the fiscal year and less than or equal to the spending policy amount specified in subsection (d) of this section shall be credited
as follows:

(A)

An amount equal to one
‑
half percent (0.5%) of the previous five (5) year average market value of the trust fund, as calculated from the first day of the fiscal year, or as much thereof as is available, shall first be credited to the Wyoming dividend account within the legislative stabilization reserve account created by W.S. 9
‑
4
‑
219.1;

(B)

Any amount remaining after the transfer made in subparagraph (A) of this paragraph shall be credited
to the legislative stabilization reserve account created by W.S. 9
‑
4
‑
219 and the strategic investments and projects account created by W.S. 9
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4
‑
220 in equal amounts
.
;

Section 3
.

This act is effective July 1, 2024
.

(END)

1
SF0093