Joint Revenue Committee Meeting Summary (November 7-8, 2002)

The Joint Revenue Interim Committee met in Cheyenne to consider legislation for the 2003 General Session.  At the November 7th portion of the meeting, the Committee received an update on the state’s revenue picture.  The Committee also considered and voted to sponsor legislation on the following issues:  legislation relating to the proposed extension of the property tax relief program; legislation that allows the Department of Revenue to revoke inactive sales and use tax licenses held by vendors; tobacco tax legislation; legislation to redistribute fuel taxes based on a different formula, including miles of roads within a county; legislation that allows a county to impose up to two cents for a specific purpose tax as opposed to the one-cent limitation that is current law; and legislation to value producer-processed natural gas using the net back method and eliminate the proportionate profits method. 

 

At the November 8th portion of the meeting, the Committee received an update on activities of the Select Committee on Capital Financing and Investments and an update from the Department of Revenue regarding the streamlined sales tax agreement.  The Committee also received an update on the Sublette County vs. Exxon Mobile Corporation case.  The Committee voted to sponsor the following legislation:  legislation to correct an inadvertent error related to the Title 39 recodification regarding sales and use tax exemptions for leaking underground storage tanks and the two-cent fuel tax for education; legislation related to severance taxes on uranium; and legislation related to sales and use tax exemptions on farm implements.


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