This amendment replaces the appropriation-based funding mechanism for the homeowner property tax exemption with a new sales and use tax dedicated to a property tax reduction and replacement account that distributes revenue to local governments.
- Changes the bill's purpose statement to specify that the act provides a sales and use tax to fund local governments due to revenue loss from the property tax exemption, rather than providing a sunset date and appropriations. (Page 1, lines 2-9)
- Expands the sections of Wyoming Statutes to be amended to include new sales tax provisions (39-15-104(j)), use tax provisions (39-16-104(g)), and distribution provisions (39-15-111(r) and 39-16-111(b)). (Page 1, lines 11-16)
- Deletes the provision requiring county treasurers to certify exemptions and removes the state treasurer reimbursement mechanism that was based on legislative appropriations. (Page 2, lines 21-23)
- Removes the entire Section 3 concerning legislative findings about property tax relief and comparison to other tax initiatives. (Page 3)
- Removes the entire Section 4 containing the $125 million appropriation from the general fund to the department of revenue. (Page 4, lines 1-14)
- Creates a new section 39-15-104(j) imposing an additional sales tax of 0.75% beginning July 1, 2025, with provisions allowing the governor to reduce the rate in 0.25% intervals if combined tax and account funds are sufficient to make required payments, and requiring the rate to be zero if the homeowner exemption is unavailable. (Page 5, lines 25-40 and continuing)
- Creates a new section 39-15-111(r) establishing a property tax reduction and replacement account to receive revenue from the additional sales and use taxes, with revenue to be distributed to counties based on documented exemption-related revenue losses from the prior year, and any remaining funds to be considered by the legislature for direct distributions to local governments. (Page 5-Page 6)
- Creates a new section 39-16-104(g) imposing an additional use tax of 0.75% beginning July 1, 2025, with the same reduction and elimination mechanisms as the sales tax. (Page 6)
- Modifies 39-16-111(b) to specify that revenue from the use tax under 39-16-104(g) goes to the property tax reduction and replacement account rather than to the state treasurer. (Page 6, lines 1-9)
- Renumbers the final section from Section 5 to Section 4 due to deletion of the appropriation section. (Page 6, line 19)
AI-generated summary · Verify against the amendment text (PDF) · Notice a problem? Let us know
