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Bill > HB0203

WY HB0203

WY HB0203
Property tax reduction and replacement act.

summary

Introduced
02/15/2024
In Committee
02/20/2024
Crossed Over
Passed
Dead
03/08/2024

Introduced Session

Potential new amendment
2024 Budget Session

Bill Summary

AN ACT relating to taxation and revenue; establishing a property tax exemption for single family residential properties; providing a sales and use tax to provide funding to local governments due to the decrease in revenue from the property tax exemption; providing for the distribution of the sales and use tax; revising provisions related to local optional sales and use taxes; providing rulemaking authority; specifying applicability; and providing for an effective date.

AI Summary

This bill establishes a property tax exemption for the first $200,000 of fair market value for single-family residential properties in 2024, and the first $1,000,000 for each tax year thereafter. To offset the decrease in property tax revenue, the bill imposes an additional 2% sales and use tax, with the revenue from this tax distributed to local governments to reimburse them for the lost property tax revenue. The bill also provides a sales tax refund program for individuals who pay severance taxes and sales/use taxes under the new 2% rate.

Committee Categories

Budget and Finance

Sponsors (19)

Last Action

3rd Reading:Failed 14-47-1-0-0 (on 02/27/2024)

bill text

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bill summary

Document Type Source Location
State Bill Page https://www.wyoleg.gov/Legislation/2024/HB0203
Representative Ward https://wyoleg.gov/2024/Amends/HB0203H3008.pdf
Representative Harshman https://wyoleg.gov/2024/Amends/HB0203H3007.pdf
Representative Hornok https://wyoleg.gov/2024/Amends/HB0203H3006.pdf
Representative Stith https://wyoleg.gov/2024/Amends/HB0203H3005.pdf
Representative Yin https://wyoleg.gov/2024/Amends/HB0203H3004.pdf
Representative Obermueller https://wyoleg.gov/2024/Amends/HB0203H3003.pdf
Representative Bear https://wyoleg.gov/2024/Amends/HB0203H3002.pdf
Representative Stith https://wyoleg.gov/2024/Amends/HB0203H3001.pdf
Representative Stith https://wyoleg.gov/2024/Amends/HB0203H2013.pdf
Representative Allemand https://wyoleg.gov/2024/Amends/HB0203H2012.pdf
Representative Allemand https://wyoleg.gov/2024/Amends/HB0203H2011.pdf
Representative Allemand https://wyoleg.gov/2024/Amends/HB0203H2010.pdf
Representative Allemand https://wyoleg.gov/2024/Amends/HB0203H2009.pdf
Representative Ward https://wyoleg.gov/2024/Amends/HB0203H2008.pdf
Representative Locke https://wyoleg.gov/2024/Amends/HB0203H2007.pdf
Representative Locke https://wyoleg.gov/2024/Amends/HB0203H2006.pdf
Representative Hornok https://wyoleg.gov/2024/Amends/HB0203H2005.pdf
Representative Locke https://wyoleg.gov/2024/Amends/HB0203H2004.pdf
Representative Zwonitzer, Dn https://wyoleg.gov/2024/Amends/HB0203H2002.02.pdf
Representative Zwonitzer, Dn https://wyoleg.gov/2024/Amends/HB0203H2002.01.pdf
Representative Zwonitzer, Dv https://wyoleg.gov/2024/Amends/HB0203HW002.pdf
Representative Western https://wyoleg.gov/2024/Amends/HB0203HW001.pdf
Representative Larson, JT https://wyoleg.gov/2024/Amends/HB0203H2003.pdf
Representative Zwonitzer, Dn https://wyoleg.gov/2024/Amends/HB0203H2002.pdf
Representative Yin https://wyoleg.gov/2024/Amends/HB0203H2001.pdf
House Revenue Committee https://wyoleg.gov/2024/Amends/HB0203HS001.pdf
BillText https://www.wyoleg.gov/2024/Introduced/HB0203.pdf
Fiscal Note https://www.wyoleg.gov/2024/Fiscal/HB0203.pdf
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