HB0113

Failed

Insurance payments-not taxable.

Exempt insurance damage settlement payments from Wyoming sales and use taxes.

Full legal title

AN ACT relating to taxation and revenue; exempting insurance damage settlement payments from sales and use taxation; and providing for an effective date.

Health

Sponsor:

Co-sponsors: Representative(s) Hoeft, Senator(s) Pearson

View on wyoleg.gov Introduced Text (PDF)Digest (PDF)Fiscal Note (PDF)

What does this bill do?

Exempts insurance damage settlement payments from sales and use taxation when used to purchase replacement motor vehicles and related vehicles within 90 days.

Excludes insurance payment amounts from the sales price of motor vehicles, house trailers, trailer coaches, trailers, or semitrailers when the insurance payment is received as a damage settlement for a previous vehicle and used to purchase a replacement vehicle within 90 days of receiving the payment. (W.S. 39-15-105(a)(ix)(C))
Excludes insurance payment amounts from the purchase price of motor vehicles, house trailers, trailer coaches, trailers, or semitrailers for use tax purposes when the insurance payment is received as a damage settlement for a previous vehicle and used to purchase a replacement vehicle within 90 days of receiving the payment. (W.S. 39-16-105(a)(x)(C))

Effective: July 1, 2025

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Actions (6)

2/10/2025(House)

H COW:H Did not consider for COW

2/4/2025(House)

H Placed on General File

2/4/2025(House)

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

1/27/2025(House)

H Introduced and Referred to H03 - Revenue

1/6/2025(House)

H Received for Introduction