SF0150

Establishes a property tax exemption for real and tangible personal property of for-profit trade schools in Wyoming that meet specified eligibility requirements.

• Creates a new property tax exemption category for tangible personal property and real property of for-profit trade schools, separate from the existing exemption for non-profit schools. (W.S. 39-11-105(a)(xlvi), Sec. 1)
• Defines 'for-profit trade school' as a vocational, technical, or trade school located in Wyoming that is operated for profit. (W.S. 39-11-105(c)(i))
• Requires for-profit trade schools to be registered business entities in good standing with the Wyoming Secretary of State, physically located in Wyoming, and operated primarily for postsecondary technical, vocational, or career-technical education to qualify for the exemption. (W.S. 39-11-105(c)(ii)(A)-(C))
• Requires programs or certifications to be aligned with workforce development needs as determined by the Wyoming Department of Workforce Services, and requires accreditation by a nationally or regionally recognized accrediting body or equivalent standards from the Wyoming Department of Education. (W.S. 39-11-105(c)(ii)(D)-(E))
• Limits the exemption to property physically located in Wyoming and used exclusively for educational purposes, excluding property used for commercial purposes unrelated to education and instruction. (W.S. 39-11-105(c)(iii)-(iv))
• Requires for-profit trade schools to submit an application to the department including accreditation documentation, property descriptions, and proof of qualification, on forms and in manner determined by the department. (W.S. 39-11-105(c)(v))
• Grants approved exemptions for five tax years with annual updates required to the department and county assessor; schools must apply for renewal at least six months before expiration. (W.S. 39-11-105(c)(vi)-(vii))
• Authorizes county assessors and the department to audit for-profit trade schools receiving the exemption and enforce penalties against schools that received the exemption in violation of the requirements. (W.S. 39-11-105(c)(viii))