summary
Introduced
02/13/2024
02/13/2024
In Committee
02/28/2024
02/28/2024
Crossed Over
02/27/2024
02/27/2024
Passed
Dead
03/05/2024
03/05/2024
Introduced Session
2024 Budget Session
Bill Summary
AN ACT relating to severance taxes; establishing severance tax refunds for specified oil, gas and coal severance taxes based on increased federal mineral royalty rates; authorizing the transfer of government royalty revenue as specified; providing for distribution of the state's share of specified federal mineral royalties; providing for severance tax and ad valorem distributions from federal mineral royalties as specified; requiring rulemaking; providing an appropriation; and providing for effective dates.
AI Summary
This bill establishes severance tax refunds for oil, gas, and coal companies based on increases in federal mineral royalty rates. Beginning in 2025, the bill allows for the transfer of funds from the state's account to a severance tax distribution account to provide these refunds. The bill also requires the Department of Revenue to calculate and distribute funds to counties to offset the reduced ad valorem taxable value resulting from the increased royalty rates. Additionally, the bill appropriates $368,000 to the Department of Revenue to implement the provisions of the act, and it sets an effective date of January 1, 2025 for the key provisions.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Select Federal Natural Resource Management (Other)
Last Action
H:Died in Committee Returned Bill Pursuant to HR 5-4 (on 03/05/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.wyoleg.gov/Legislation/2024/SF0064 |
| BillText | https://www.wyoleg.gov/2024/Introduced/SF0064.pdf |
| Fiscal Note | https://www.wyoleg.gov/2024/Fiscal/SF0064.pdf |
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