Wyoming taxpayers would report large sales and use tax exemptions

Taxpayers meeting the threshold would report specified tax and employment information to the Department of Revenue. The requirement covers taxpayers claiming the specified sales or use tax exemptions in Wyoming. A report is required only if the taxpayer claims at least $250,000 in the specified sales or use tax exemptions during the applicable year. Reports would include tax amounts, employee counts, and average wages and benefits. They would also identify how many employees both live and work in Wyoming. Employee information must be grouped without identifying any employee. A taxpayer required to report both sales and use tax exemptions would submit one combined report. The report would be due by February 1 of the year after the taxpayer claimed the exemptions.

A taxpayer who misses a required report would owe the tax that would have been due without the exemptions, plus applicable interest and penalties, and could not claim the listed exemptions that year. This applies to taxpayers required to report under either the sales tax or use tax provision. These consequences apply to a taxpayer required to report who does not file by the deadline. The loss of eligibility applies in the current year when the report was due but was not filed on time.

The Department of Revenue would give the Joint Revenue Interim Committee an aggregate report on the information taxpayers submitted. The report would cover information submitted under the sales and use tax exemption reporting rules. The committee report would present taxpayer information in aggregate. The first report would be due by August 1, 2027, and another would be due each August 1 after that.