Bill No.: SF0009                  Drafter:  MQ

 

LSO No.:  05LSO-0212              Effective Date:  2/18/2005

 

Enrolled Act No.:  SEA0025

 

Chapter No.:       64

 

Prime Sponsor:     Joint Revenue Interim Committee

 

Catch Title:       Intangible property taxation-study.

 

Subject:  Provides for a study of the taxation of intangible property for property taxation.

 

Summary/Major Elements:

 

·                    Creates a task force of 7 legislators (3 senate; 4 house) to study the taxation of intangible property for property taxation purposes.  The task force is required to:

o       Address the benefits and costs and related policy implication of taxing or not taxing intangible property;

o       Determine the historic taxation or exemption of intangible property in all of the property tax classes;

o       Determine what intangibles, if any, are to be exempt from taxation;

o       Study the composition of the current property tax classification of industrial and commercial properties;

o       Study the department of revenue's methodology for assessment and valuation for state assessed properties;

o       Determine any impacts that methodologies for valuation and assessment of property may have on competition and on uniformity;

o       Propose any changes to the current system.

 

·                    Report Required – requires the task force to report their findings to the governor and the joint revenue interim committee not later than December 15, 2005.

 

Comments: 

1.  The Wyoming Supreme Court recently ruled that the definition of intangible property in the statutes for taxation purposes was not limited to the few items listed, so the current status of intangible property taxation is not clear.  This study is to help resolve some of those complex issues.

 

2.  See SF 0012 and SF 0044.