Lawmakers move key school funding bill forward
At the recent Joint Revenue Committee meeting in Pinedale, Wyoming lawmakers kept a key school funding bill alive. The bill, the National corporate tax recapture, allows the Wyoming Department of Revenue to collect corporate income tax from big box retailers. The tax, already collected on large corporations in other states, would provide, conservatively, $23 million each year for Wyoming schools. The bill will move on, and be presented during the 2020 Wyoming Legislature's budget session.
In other action, the Committee killed a proposed property tax increase of 9 mils, which would have generated over $100 million dollars a year for school funding. This bill would have increased the property tax on a $200,000 home $170 dollars per year, or under $15 per month, and would have eliminated 2/3 of the estimated education deficit per year. The measure failed 6-6. The committee did move forward a bill which will increase the residential tax rate from 9.5% to 11.5%, matching what is paid on commercial and industrial property tax.
In other action by the committee, three bills regulating vaping products moved out of committee. These include raising the age to purchase nicotine products to 21 years of age, regulations on the sale of online vaping products, and taxes on vaping products. Keep an eye on the November Revenue Committee meeting to see more action on vaping and schools.
Revenue committee meeting materials and agendas can be found here: https://www.wyoleg.gov/Committees/2019/J03