2000 State Of Wyoming 00LSO-0103 SUBSTITUTE NO. 1
1
2 That Substitute No. 1 for HB0081 DO PASS. HINES, CHAIRMAN
HOUSE BILL NO. HB0081
Real estate transfer tax.
Sponsored by: Joint Revenue Interim Committee
A BILL
for
1 AN ACT relating to taxation and revenue; imposing a real
2 estate transfer tax as specified; conforming related
3 provision; and providing for an effective date.
4
5 Be It Enacted by the Legislature of the State of Wyoming:
6
7 Section 1. W.S. 39-20-101 through 39-20-111 are
8 created to read:
9
10 CHAPTER 20
11 REAL ESTATE TRANSFER TAX
12
13 39-20-101. Definitions.
14
15 (a) As used in this chapter:
16
17 (i) "Real property" means as defined by W.S.
18 39-11-101(a)(xv) and includes easements on real property.
Page 1
1
2 39-20-102. Administration.
3
4 The department of revenue shall enforce the provisions of
5 this chapter. The department shall promulgate rules and
6 regulations necessary for the implementation and enforcement
7 of this chapter.
8
9 39-20-103. Imposition.
10
11 There is imposed a transfer tax upon the sale of real
12 property. On any sale of real property, a transfer tax
13 shall be imposed upon the total amount of the real property
14 sale.
15
16 39-20-104. Taxation rate.
17
18 (a) The tax rate shall be as follows:
19
20 (i) One hundred thousand dollars ($100,000.00) or
21 less - one-quarter percent (1/4%);
22
23 (ii) More than one hundred thousand dollars
24 ($100,000.00) but less than or equal to three hundred
25 thousand dollars ($300,000.00) - one-half percent (1/2%) of
Page 2
1 the amount of the sale which exceeds one hundred thousand
2 dollars ($100,000.00) in addition to the tax imposed by
3 paragraph (i) of this subsection;
4
5 (iii) More than three hundred thousand dollars
6 ($300,000.00) but less than or equal to five hundred
7 thousand dollars ($500,000.00) - one percent (1%) of the
8 amount of the sale which exceeds three hundred thousand
9 dollars ($300,000.00) in addition to the taxes imposed by
10 paragraphs (i) and (ii) of this subsection;
11
12 (iv) More than five hundred thousand dollars
13 ($500,000.00) - one and one-half percent (1 1/2%) of the
14 amount of the sale which exceeds five hundred thousand
15 dollars ($500,000.00) in addition to the taxes imposed by
16 paragraphs (i) through (iii) of this subsection.
17
18 39-20-105. Exemptions.
19
20 (a) The tax shall not be imposed upon any of the
21 following:
22
23 (i) Any transfer exempted by W.S. 34-1-142(c)(i)
24 through (vi) and (viii);
25
Page 3
1 (ii) Any transfer of real property exempted from
2 taxation by W.S. 39-11-105(a)(i) through (viii), and any
3 property protected from taxation by the constitution;
4
5 (iii) Any transfer of property pursuant to a
6 judicial decree or judgment, except for the judicial
7 enforcement of contracts or agreements of sale not otherwise
8 exempt hereunder;
9
10 (iv) Any transfer of property pursuant to a
11 contract executed prior to the effective date of this act;
12
13 (v) Any transfer of real property interests in
14 minerals;
15
16 (vi) Any transfer of real property used for
17 industrial purposes as defined by W.S. 39-11-101(a)(xiv)(B);
18
19 39-20-106. Licensing; permits.
20
21 There are no specific applicable provisions for licenses and
22 permits for this chapter.
23
24 39-20-107. Compliance; collection procedures.
25
Page 4
1 (a) Returns and reports. Taxes imposed by this
2 chapter are due and payable at the office of the county
3 treasurer of the county in which the real property is
4 located on the date of recordation of the deed or other
5 instrument making the sale a matter of public record. The
6 tax shall only be collected on the price paid for real
7 property. The county clerk shall not record a document
8 transferring legal or equitable title to real property until
9 all taxes due under this section have been paid to the
10 county treasurer. The buyer and seller shall sign before a
11 notary, a form prescribed by the department of revenue
12 eliciting the information necessary for the assessment of
13 the tax.
14
15 (b) It is a misdemeanor for a person to willfully
16 falsify or publicly disclose, except as specifically
17 authorized by law, any information on the form required by
18 W.S. 39-20-107. Upon conviction, the offender is subject to
19 a fine of not more than seven hundred fifty dollars
20 ($750.00), imprisonment for not more than six (6) months, or
21 both.
22
23 (c) Payment. The tax shall be paid by the purchaser
24 and collected from the party recording the deed or other
25 instrument making the sale a matter of public record by the
Page 5
1 county treasurer based upon the amount in the form
2 prescribed by the department of revenue.
3
4 (d) Timelines. There are no specific applicable
5 provisions for timelines for this chapter.
6
7 39-20-108. Enforcement.
8
9 (a) Audits. There are no specific applicable
10 provisions for audits for this chapter.
11
12 (b) Interest. There are no specific applicable
13 provisions for interest for this chapter.
14
15 (c) Penalties. There are no specific applicable
16 provisions for penalties for this chapter.
17
18 (d) Liens. There are no specific applicable
19 provisions for liens for this chapter.
20
21 (e) Tax sales. There are no specific applicable
22 provisions for tax sales for this chapter.
23
24 39-20-109. Taxpayer remedies.
25
Page 6
1 There are no specific applicable provisions for taxpayer
2 remedies for this chapter.
3
4 39-20-110. Statute of limitations.
5
6 There are no specific applicable provisions for a statute of
7 limitations for this chapter.
8
9 39-20-111. Distribution.
10
11 (a) Taxes collected by the county treasurer shall be
12 distributed as follows:
13
14 (i) Twenty-five percent (25%) shall be
15 transferred to the county treasurer for deposit into the
16 county general fund;
17
18 (ii) Seventy-five percent (75%) shall be
19 transferred to the state treasurer for deposit into the
20 general fund.
21
22 Section 2. This act is effective July 1, 2000.
23
24 (END)
Page 7