The Legislature’s Revenue Committee strongly supported a bill Tuesday that would lower interest rates on unpaid mineral taxes.
Currently, if a state audit finds that companies have incorrectly reported their production, counties can levy interest of up to 18 percent on back taxes.
The bill changes that, pegging interest to current rates, with a minimum of 12 percent and a maximum of 18 percent. Interest rates for companies that discover the discrepancy on their own would remain the same – at 18 percent.
Nearly half of Wyoming is federal land, and the government collects billions of dollars in taxes and royalties every year from industries using that land. But it isn’t always clear where that money goes, and who benefits from it. Now, an international initiative is trying to change that.
The legislature’s Joint Revenue committee will discuss the possibility of raising the state beer tax Friday/Today.
Beer is currently taxed two cents a gallon, a tax that was established in 1935. Supporters want to raise the tax to pay for underfunded substance abuse programs. Wyoming has the lowest beer taxes in the nation.
Riverton Mayor Ron Warpness says communities have trouble finding money to pay for substance abuse programs, and he says that he’s disappointed that the Legislature has frequently scuttled attempts to raise the tax.
A lawsuit filed by Tripower Resources says the energy company is not responsible for about $885,000 in back taxes from 2008 to 2010. Tripower says it did not own the wells from which these production taxes accumulated during the time period in question. But Campbell, Crook, and Converse Counties have listed the company as tax-delinquent. They’re applying taxes from current production to the owed back-taxes. Converse County treasurer Joel Schell says, according to statute, the current owner is responsible for any unpaid taxes.
A new report says Wyoming has the best tax policies in the nation for spurring job growth.
The Tax Foundation research group in Washington, D.C., released its annual rankings yesterday… placing Wyoming at the top of its overall business tax climate index.
The report authors say the state is especially attractive for prospective employers because it does not levy personal income and corporate taxes… and the state placed first among all states in the foundation's income and corporate tax categories.