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25LSO-0655
2025
STATE OF WYOMING
25LSO-0655
Numbered
2.0
SENATE FILE NO. SF0177
Primary residence property tax fund.
Sponsored by: Senator(s) Smith, D, French, Hutchings, Ide, Laursen, D, McKeown and Pearson and Representative(s) Angelos, Brady, Brown, G, Campbell, K, Filer, Guggenmos, Hoeft, Johnson, Locke, Lucas, McCann, Riggins, Strock, Styvar, Wasserburger and Webber
A BILL
for
AN ACT relating to state budgeting and expenditures; creating the residential property tax reduction account; designating specified funds to the account; providing for residential property tax refunds from the account; specifying requirements for the property tax refunds; specifying applicability; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S. 9
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4
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227 is created to read:
9
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4
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227.
Residential property tax reduction account.
The residential property tax reduction account is created.
Funds within the account are continuously appropriated to the department of revenue for purposes as defined in W.S. 39
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13
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109(c)(vii). All funds within the account shall be invested by the state treasurer in accordance with law and all investment earnings from the account shall be credited to the account.
Section 2.
W.S. 9
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2
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1012 by creating a new subsection (j), 9
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4
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719(q)(i) and 39
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13
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109(c) by creating a new paragraph (vii) are amended to read:
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2
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1012.
Duties of the department; transmittal of standard budget and manual; return of completed exception and expanded budgets; submission to governor; disposition of excess general fund appropriations; submission of selected budget information to joint appropriations committee.
(j)
Subject to accrual accounting principles and prior to the determination of general fund appropriations for the biennium in excess of expenditures including encumbrances during the biennium as identified by the state auditor under subsection (e) of this section, any unappropriated funds in the budget reserve account on June 30 of each even numbered year in excess of five percent (5%) of estimated general fund receipts for the immediately succeeding biennial budget period shall be transferred to the residential property tax reduction account created by W.S. 9
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4
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227.
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
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4
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204(u)(iii) during each fiscal year beginning July 1, 2016, 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
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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
, until June 30, 2026,
be credited to the
legislative stabilization reserve
residential property tax reduction
account created by W.S.
9
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4
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219
9
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4
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227
and the strategic investments and projects account created by W.S. 9
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4
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220 in equal amounts
and beginning July 1, 2026 shall be credited entirely to the residential property tax reduction account created by W.S. 9
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4
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227
;
39
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13
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109.
Taxpayer remedies.
(c)
Refunds.
The following shall apply:
(vii)
The following shall apply to the surplus reform residential property tax refund program, which is hereby created:
(A)
On or before the second Monday in November, the department shall provide a property tax refund to owners of residential property for their primary residence as provided in this paragraph. Each owner shall apply to the department for the refund in a manner and on a form required by the department;
(B)
Subject to subparagraph (C) of this paragraph, the amount of the refund shall be the amount of property taxes paid by the owner on their primary residence in the preceding calendar year, not to exceed thirteen thousand three hundred dollars ($13,300.00) of property taxes paid;
(C)
Refunds shall be paid from funds available in the residential property tax reduction account created by W.S. 9
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4
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227. For even numbered years, refunds shall be capped at one
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half (1/2) of the total account balance. For odd numbered years, refunds shall be capped at the total balance of the account. If amounts in the account that are available to provide refunds as provided in this subparagraph are insufficient to provide full refunds to each owner of residential property under subparagraph (B) of this paragraph, refunds shall be proportionally reduced based on the total amount of refunds due and the total amount available to be expended from the residential property tax reduction account;
(D)
As used in this paragraph:
(I)
"Primary residence" means residential property where the person claiming the refund actually resided for not less than six (6) months of the applicable tax year;
(II)
"Residential property" means real property improved by a dwelling designed to house not more than four (4) families and includes associated residential land up to thirty
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five (35) acres where the dwelling is located if the land is owned by the owner of the dwelling.
Section 3
.
The surplus reform residential property tax refund program as created by section 2 of this act shall first apply in tax year 2026 to provide refunds for property taxes paid for tax year 2025.
Section 4
.
This act is effective July 1, 2025
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(END)
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SF0177