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House Revenue panel approves $50,000 business personal-property exemption
Summary
The House Revenue Committee voted to advance Senate File 48, which would exempt the first $50,000 of fair market value of tangible personal property for a taxpayer; committee members and assessors discussed reporting, allocation across multiple accounts, and a 2026 effective date to allow administrative rulemaking.
The House Revenue Committee on Thursday voted 5-3 to advance Senate File 48, a bill that would exempt the first $50,000 of fair market value of a taxpayer's tangible personal property from property tax.
The measure, described to the committee by Ken Gill of the Department of Revenue's Property Tax Division, would replace the current de minimis provision (an exemption under $2,400 that still required reporting) with a straight exemption: "it exempts the first 50000 dollars of fair market value from tangible tangible personal property," Gill said.
Supporters told the committee the change would help small businesses. Brett Moline of the Wyoming Farm Bureau Federation said the exemption "is a good help for small businesses" and would encourage new and existing businesses. Several assessors and Department…
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