This amendment deletes all prior second and third reading amendments and replaces the homeowner property tax exemption with a new system funded by a 0.45% sales and use tax beginning July 1, 2027, establishes a property tax reduction and replacement account, modifies the permanent mineral trust fund reserve account procedures, extends the exemption sunset date to 2029, and increases the legislative stabilization reserve account cap to $220 million.
- Deletes fourteen prior second and third reading amendments to remove conflicting provisions. (Page 1, lines 1-14)
- Expands the bill's scope to include provisions for a sales and use tax to fund local governments for property tax exemption revenue losses, fund transfers, reporting, rulemaking, and appropriations. (Page 1, lines 16-22)
- Adds references to new statutory provisions related to the permanent mineral trust fund reserve account and creates new tax distribution provisions. (Page 1, lines 24-31)
- Creates a new permanent Wyoming mineral trust fund reserve account with quarterly pro-rata transfer procedures to the general fund and annual reconciliation requirements. (Page 1, lines 33-40 and Page 2, lines 1-30)
- Reduces the homeowner property tax exemption amount from 50% to 25% of fair market value. (Page 2, lines 42-43)
- Reduces the homeowner property tax exemption cap from $1,000,000 to $500,000. (Page 2, lines 45-47)
- Extends the sunset date for the homeowner property tax exemption from June 30, 2027 to June 30, 2029. (Page 2, line 2)
- Revises the county treasurer's reporting obligations and adds distribution procedures tied to the property tax reduction and replacement account, including pro-rata distribution if funds are insufficient, and increases the legislative stabilization reserve account appropriation cap from $100 million to $220 million. (Page 3, lines 4-38)
- Creates a new sales tax of 0.45% beginning July 1, 2027 to fund the property tax exemption, with exemptions for industrial facilities under permitting and construction, and allows governor-certified reductions in intervals of 0.25% and automatic reduction to zero if exemption is unavailable. (Page 3, lines 40-26 and Page 4)
- Establishes the property tax reduction and replacement account to receive sales and use tax revenue, invest earnings, and distribute funds to counties based on prior year property tax exemption losses. (Page 4, lines 27-44 and Page 5, lines 1-16)
- Creates a matching use tax of 0.45% beginning July 1, 2027 with the same exemptions, reduction mechanisms, and distribution procedures as the sales tax. (Page 5, lines 24-9)
AI-generated summary · Verify against the amendment text (PDF) · Notice a problem? Let us know
