HB0012

Establishes a property tax exemption for industrial production equipment stored in Wyoming before installation, subject to specified conditions and limitations.

• Creates a property tax exemption for industrial production equipment stored in the state before first installation, limited to a maximum of two reporting periods. (W.S. 39-11-105(a)(xlvi), W.S. 39-11-105(c))
• Defines 'industrial production' to include manufacturing, mineral extraction and processing, and mechanical or chemical transformation of property into energy or new products. (W.S. 39-11-105(c)(i)(B))
• Defines 'industrial production equipment' as equipment designed for industrial or energy production, including pipeline pipes, but excluding mobile machinery. (W.S. 39-11-105(c)(i)(C))
• Requires Wyoming sales or use tax to be paid on the property when it is removed from the commercial storage facility to qualify for the exemption. (W.S. 39-11-105(c)(ii))
• Requires that qualifying equipment be temporarily stored or inventoried at a department-approved commercial storage facility operated by a person other than the taxpayer. (W.S. 39-11-105(c)(i)(A), W.S. 39-11-105(c)(iv))
• Exemption does not apply to equipment with a sales price under fifty thousand dollars, mobile machinery, or raw materials used in industrial production. (W.S. 39-11-105(c)(vi))
• Allows county assessors and the department to require documentation to verify equipment eligibility for the exemption. (W.S. 39-11-105(c)(iii))
• Requires the department to promulgate rules establishing notification procedures for taxpayers and qualification standards for commercial storage facilities. (W.S. 39-11-105(c)(vii))

Effective: July 1, 2025

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