HB0155

Establishes reporting requirements for taxpayers claiming sales and use tax exemptions exceeding $250,000 annually.

• Requires taxpayers claiming specified sales tax exemptions of at least $250,000 in a calendar year to submit annual reports to the Department of Revenue by February 1 of the following year. (W.S. 39-15-105(c)(i), W.S. 39-15-105(c)(iv))
• Requires sales tax exemption reports to include: sales tax collected from customers, sales tax paid to vendors or the department, amount of sales tax forgone, ad valorem taxes paid, and full-time and part-time employee counts with average wages and benefits (aggregated without personal identifying information). (W.S. 39-15-105(c)(ii))
• Requires taxpayers claiming use tax exemptions of at least $250,000 in a year to submit annual reports to the Department of Revenue by February 1 of the following year. (W.S. 39-16-105(c)(i), W.S. 39-16-105(c)(iv))
• Requires use tax exemption reports to include: use tax collected from customers, use tax paid to vendors or the department, amount of use tax forgone, ad valorem taxes paid, and full-time and part-time employee counts with average wages and benefits (aggregated without personal identifying information). (W.S. 39-16-105(c)(ii))
• Allows taxpayers claiming both sales and use tax exemptions to submit combined reporting information in a single report to the department. (W.S. 39-15-105(c)(iii), W.S. 39-16-105(c)(iii))
• Requires taxpayers who fail to submit required sales tax exemption reports by the February 1 deadline to pay back taxes owed plus interest and penalties, and prohibits them from claiming the specified exemptions in the year the report was due. (W.S. 39-15-105(c)(v))
• Requires taxpayers who fail to submit required use tax exemption reports by the February 1 deadline to pay back taxes owed plus interest and penalties, and prohibits them from claiming the specified exemptions in the year the report was due. (W.S. 39-16-105(c)(v))
• Requires the Department of Revenue to report to the Joint Revenue Interim Committee by August 1, 2027 and annually thereafter, summarizing in aggregate the information submitted by taxpayers under the reporting requirements.