Bill No.: SF0031 Drafter: MQ

LSO No.: 06LSO-0167 Effective Date: 1/1/2007

Enrolled Act No.: SEA0021

Chapter No.: 31

Prime Sponsor: Joint Revenue Interim Committee

Catch Title: Intangible property-definitions.

Subject: To provide for the taxation of intangible property and provide definitions of intangible property.

Summary/Major Elements:

· In the past, only a few items were included in the definition of intangible property. The Wyoming Supreme Court ruled that the list was not exclusive and needed clarification.

· As a result of the case, the bill defines "intangible personal property" and "tangible personal property".

· The bill also provides for certain specific items which will be exempt from property taxation (such as goodwill, workforce in place, business books and records, patents, copyrights, franchises, etc.).

Comments:

· See also SF 11 and SF 12 as part of the ongoing study of the taxation of intangible personal property.

· Contains delayed effective date of 1/01/2007