Bill > HB0113

This bill amends Wyoming's sales and use tax laws to exempt insurance damage settlement payments from taxation when used to purchase replacement motor vehicles, house trailers, trailer coaches, trailers, or semitrailers. Specifically, the bill allows vehicle owners who have received an insurance settlement after their previous vehicle was damaged to exclude the insurance payment amount from the sales price when buying a replacement vehicle, provided they purchase the new vehicle within 90 days of receiving the insurance payment. This change applies to both sales tax (for purchases within Wyoming) and use tax (for purchases outside Wyoming), and is designed to prevent double taxation when an individual replaces a vehicle that was acquired by an insurance company through a damage settlement. The bill will take effect on July 1, 2025, giving taxpayers and tax authorities time to prepare for the new exemption.

Budget and Finance

https://www.wyoleg.gov/Legislation/2025/HB0113