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SF0048 • 2025

Business property exemption.

AN ACT relating to taxation and revenue; providing a business property tax exemption as specified; and providing for an effective date.

Labor Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Revenue
Last action
2025-02-24
Official status
enrolled
Effective date
1/1/2026

Plain English Breakdown

The term 'de minimis' was included in the explanation but not explicitly defined or used in the bill text.

Business Property Tax Exemption

This law creates an exemption from property tax for business owners on up to $75,000 of their business property's value.

What This Bill Does

  • Creates a new tax exemption for the first $75,000 in fair market value of business property owned by individuals.
  • Defines 'business property' as taxable personal property that is not used for personal or family purposes.
  • Limits the exemption to one per employer identification number or social security number for sole proprietorships.
  • Sets an effective date of January 1, 2026.

Who It Names or Affects

  • Business owners who own taxable property in Wyoming.
  • The state and local governments that collect property taxes.

Terms To Know

business property
Taxable personal property used for business purposes, excluding items used for personal or family use.
de minimis
A legal term meaning too small to be worth considering; in this case, it refers to the minimum value of property that is exempt from tax.

Limits and Unknowns

  • The exemption applies only up to $75,000 per county.
  • It does not affect property already exempt under other laws for personal or family use.
  • The law takes effect on January 1, 2026.

Amendments

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

SF0048H3001

3rd reading • Representative Sherwood

Corrected, Corrected, Failed

Plain English: The amendment changes the eligibility criteria for claiming a business property tax exemption, limiting it to one exemption per consolidated business entity.

  • Changes the definition of who can claim the exemption from 'a person' to include properties under the control of the owner.
  • Adds a new rule that only allows one exemption per business entity with a single employer identification number or social security number for sole proprietors.
  • The amendment text does not specify how existing exemptions will be affected by this change.
SF0048H3002

3rd reading • Representative Sherwood

Failed

Plain English: The amendment changes the threshold for a business property tax exemption from $50,000 to $25,000.

  • Reduces the amount of property value eligible for a tax exemption from $50,000 to $25,000.
  • The amendment does not provide details on how this change will affect businesses or the state's revenue.
SF0048H3003

3rd reading • Representative Filer

Adopted

Plain English: The amendment changes the threshold for a business property tax exemption from $50,000 to $75,000.

  • Increases the amount of property value eligible for a tax exemption from $50,000 to $75,000.

Bill History

  1. 2025-02-24 LSO

    Assigned Chapter Number 28

  2. 2025-02-24 Governor

    Governor Signed SEA No. 0019

  3. 2025-02-20 House

    H Speaker Signed SEA No. 0019

  4. 2025-02-20 Senate

    S President Signed SEA No. 0019

  5. 2025-02-20 LSO

    Assigned Number SEA No. 0019

  6. 2025-02-20 Senate

    S Concur:Passed 20-11-0-0-0

  7. 2025-02-20 Senate

    S Received for Concurrence

  8. 2025-02-20 House

    H 3rd Reading:Passed 56-4-2-0-0

  9. 2025-02-19 House

    H 3rd Reading:Laid Back

  10. 2025-02-18 House

    H 3rd Reading:Laid Back

  11. 2025-02-14 House

    H 2nd Reading:Passed

  12. 2025-02-13 House

    H COW:Passed

  13. 2025-02-11 House

    H Placed on General File

  14. 2025-02-11 House

    H03 - Revenue:Recommend Do Pass 5-3-1-0-0

  15. 2025-02-10 House

    H Introduced and Referred to H03 - Revenue

  16. 2025-01-23 House

    H Received for Introduction

  17. 2025-01-23 Senate

    S 3rd Reading:Passed 22-9-0-0-0

  18. 2025-01-22 Senate

    S 2nd Reading:Passed

  19. 2025-01-21 Senate

    S COW:Passed

  20. 2025-01-17 Senate

    S Placed on General File

  21. 2025-01-17 Senate

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

  22. 2025-01-14 Senate

    S Introduced and Referred to S03 - Revenue

  23. 2025-01-02 Senate

    S Received for Introduction

  24. 2024-12-19 LSO

    Bill Number Assigned

Official Summary Text

Bill Summary - 25LSO-0108

Bill No.:

SF0048

Effective:

1/1/2026

LSO No.:

25LSO-0108

Enrolled Act No.:

SEA No. 0019

Chapter No.:

28

Prime Sponsor:

Joint Revenue Interim Committee

Catch Title:

Business property exemption.

Has Report:

No

Subject:

Business property exemption.

Summary/Major Elements:

This bill provides an exemption from property tax for business property. The amount of the exemption is the first seventy
‑
five thousand dollars ($75,000.00) in fair market value of business property owned by a person in each county.

For purposes of the exemption, "business property" is defined as taxable personal property excluding any property that is already exempt as personal property held for personal or family use.

Comments:

Has a delayed effective date of January 1, 2026.

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

Read the full stored bill text 
25LSO-0108

ORIGINAL Senate

ENGROSSED
File No
.
SF0048

ENROLLED ACT NO. 19,

SENATE

SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 General Session

AN ACT relating to taxation and revenue; providing a business property tax exemption as specified; and providing for an effective date.

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

Section 1
.

W.S. 39
‑
11
‑
105(a)(xlii) is amended to read:

39
‑
11
‑
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
The first seventy
‑
five thousand dollars ($75,000.00)
in fair market value of business property
owned by a person
in
one (1)
each
county
, the business property
shall be exempt
as de minimis business property
from taxation
. As used in this paragraph, "business property" means taxable personal property excluding any property that is exempt under W.S. 39
‑
11
‑
105(a)(xi) as personal property held for personal or family use.

Section 2
.

This act is effective January 1, 2026
.

(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