SF0069H3014

This amendment replaces the homeowner property tax exemption's funding mechanism with a new sales and use tax, extends the exemption sunset date, and establishes a property tax reduction and replacement account.

• Removes thirteen prior amendments to the bill and adds new provisions for sales and use tax funding, fund transfers, reporting, rulemaking, and appropriations. (Lines 1-21)
• Adds statutory references to the mineral trust fund reserve account and creates new subsections for sales tax (39-15-104(j)), use tax (39-16-104(g)), and distribution provisions (39-15-111(r) and 39-16-111(b)). (Lines 23-30)
• Creates a permanent Wyoming mineral trust fund reserve account with quarterly pro-rata transfers to the general fund, annual reconciliation procedures, and legislative stabilization reserve account transfers. (Page 1 after line 8, lines 34-39)
• Reduces the cap on the initial appropriation from the legislative stabilization reserve account from one million dollars to five hundred thousand dollars. (Page 2, lines 41-43)
• Extends the sunset date for legislative stabilization reserve account appropriations from June 30, 2027 to June 30, 2029, and increases the total cap on such appropriations from one hundred million dollars to two hundred twenty million dollars. (Page 2, line 45 and Page 3, lines 30-32)
• Modifies the revenue reduction compensation mechanism to allow pro rata distribution if appropriated funds are insufficient, and establishes that county treasurers must certify exemptions by September 1. (Page 3 after line 5, lines 4-36)
• Imposes an additional sales tax of 0.78% beginning July 1, 2027, with provisions for reduction if funding is sufficient and elimination if the homeowner exemption becomes unavailable. (Page 3 after line 5, lines 40-23 of new section 39-15-104(j))
• Establishes a property tax reduction and replacement account to receive sales and use tax revenues, with distributions to counties based on revenue losses from the prior tax year and proportional reduction if funds are insufficient. (Page 4-5, new section 39-15-111(r))
• Imposes an additional use tax of 0.78% beginning July 1, 2027, with provisions for reduction if funding is sufficient and elimination if the homeowner exemption becomes unavailable. (Page 5, new section 39-16-104(g))
• Modifies the distribution of use tax revenues to reference the new property tax reduction and replacement account provisions. (Page 6, new section 39-16-111(b))

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