This amendment replaces the homeowner property tax exemption's appropriation-based funding mechanism with a dedicated sales and use tax, removes the sunset date, and modifies the exemption structure.
- Deletes three prior committee amendments entirely and restarts modifications to the bill. (Lines 1-7)
- Expands the bill's purpose statement to include establishing a sales and use tax to fund local governments for revenue lost due to the property tax exemption. (Page 1, line 2-13)
- Removes the sunset date provision that would have terminated the exemption after tax year 2027. (Page 1, line 3)
- Updates statutory references to add new subsections for the sales tax and use tax provisions. (Page 1, line 8)
- Reduces the homeowner property tax exemption threshold from one million dollars to five hundred thousand dollars. (Page 2, line 8)
- Adds annual inflation adjustments to the exemption amount beginning in tax year 2027, indexed to the consumer price index or 2%, whichever is less. (Page 2, line 10)
- Deletes provisions related to appropriation from the legislative stabilization reserve account. (Page 2, lines 22-23)
- Renumbers paragraph designation from (D) to (C). (Page 3, line 2)
- Creates a new 0.78% additional sales tax effective July 1, 2025, with exemptions for industrial facilities under permitting, and provisions allowing the governor to reduce the rate if revenue is sufficient or if the exemption becomes unavailable. (Page 3, after line 5 (new W.S. 39-15-104(j)))
- Creates a property tax reduction and replacement account funded by sales and use tax revenue, with distribution to counties based on documented property tax exemption losses, excluding mills used for bond repayment. (Page 3, after line 5 (new W.S. 39-15-111(r)))
- Creates a parallel 0.78% additional use tax effective July 1, 2025, with the same exemptions and rate reduction provisions as the sales tax. (Page 3, after line 5 (new W.S. 39-16-104(g)))
- Updates distribution provisions to reference the new use tax and property tax reduction and replacement account. (Page 3, after line 5 (new W.S. 39-16-111(b)))
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