This amendment replaces the original bill's sunset provision and direct appropriations with a new sales and use tax mechanism to fund the homeowner property tax exemption on an ongoing basis.
- Removes the sunset date that would have eliminated the exemption after tax year 2027 and establishes a permanent sales and use tax to replace the direct appropriations approach. (Page 1, lines 2-3 and line 13)
- Adds new sections to the Wyoming tax code creating sales and use tax provisions (39-15-104(j), 39-15-111(r), 39-16-104(g), and 39-16-111(b)) to distribute revenue to local governments in place of the direct appropriation method. (Page 1, lines 8-19)
- Reduces the homeowner property tax exemption amount from one million dollars to six hundred thousand dollars on assessed land value. (Page 2, lines 8-9)
- Requires the exemption amount to be adjusted annually beginning in tax year 2027 using the consumer price index or two percent inflation, whichever is less. (Page 2, lines 10-34)
- Deletes sunset language from the original bill. (Page 2, lines 22-23)
- Implements an additional sales tax of 0.83% beginning July 1, 2025, with provisions allowing the governor to reduce it in 0.25% intervals if sufficient funds are available and mandatory reduction to zero if the property tax exemption becomes unavailable. (Page 3, lines 1-31)
- Implements a parallel additional use tax of 0.83% with the same reduction mechanisms as the sales tax. (Page 3-4, lines 32-15)
- Creates a property tax reduction and replacement account to receive and distribute revenues from the new sales and use taxes to counties and local governments based on verified revenue losses from the homeowner exemption. (Page 3-4, lines 41-28)
- Exempts industrial facilities subject to industrial siting council permitting from the new sales and use tax during the permitting and construction period. (Page 3, lines 6-8 and Page 4, lines 36-39)
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