FIFTY-NINTH WYOMING LEGISLATURE

APPROVED INTERIM COMMITTEE STUDIES

2007 INTERIM

JOINT REVENUE INTERIM COMMITTEE

Standard Budget:                 $25,000

Priority     1         Valuation of producer-processed natural gas.

Review the commodity pricing, income estimating and valuation of producer-processed natural gas.  The Wyoming Supreme Court recently decided an important case (RME case) regarding the valuation of producer-processed natural gas.  The Committee will study how producer processed natural gas is priced and valued in the state including the review of Wyoming Supreme Court decisions on the issue. The Committee may appoint a Subcommittee to study this topic and make recommendations.

 Anticipated outcome:  Potential legislation modifying the valuation of producer-processed natural gas.

 Priority     2         Excise tax collection and distribution.

Study the issue of excise tax collection and distribution with an emphasis on the cost of enacting the sales and use tax exemption on food and the cost to the state and to local governments.  2007 House Bill 93 makes the sales and use tax exemption for food permanent.  The Committee will study the overall cost of the exemption to the state and to local governments.

 Anticipated outcome:  Potential legislation providing political subdivisions with "backfill" revenue or a mechanism to generate additional revenue foregone by the exemption of food for domestic consumption from sales and use tax.

Priority     3         Overview of Title 39.

Study and provide orientation and an overview to the Committee on the structure of Title 39.    The Committee will receive training and orientation on Title 39 including imposition, collection and distribution of taxes in this state.

 Anticipated outcome:  (a)  Education of committee members and (b) potential legislation relating to imposition, collection and distribution of various taxes.

Priority     4         Motor vehicle transfer:  collection of sales/use tax.

Review the current law with regard to the collection of sales and use taxes on the transfer (sale) of motor vehicles.   County clerks are in possession of many motor vehicle titles that have not been delivered to motor vehicle owners pending the     payment of sales and use taxes.

 Anticipated outcome:  Potential legislation that would revise the collection and potential payment structure of sales and use taxes on the transfer of motor vehicles.

Priority     5          Property tax relief

At its October 2007 meeting, the Management Council requested/authorized the Committee to address the topic of property tax relief, and tax relief in general.  Governor Freudenthal has proposed a constitutional amendment for the consideration of the Legislature.  More information can be found at the Governor's website, http://wyoming.gov/governor 

Tentative meeting schedule

Committee anticipates one 2-day meeting in May or June and one 2-day meeting in late summer/early fall.  A Subcommittee may need 2 1-day meetings for the purposes of Topic #1.