Category archive

Taxes - page 3

Updated: Lodging tax bill narrowly clears committee

in News/Taxes/Tourism
952

By Cowboy State Daily

A measure that would impose a statewide tax on all hotel and motel stays is headed for the Senate floor after clearing a committee on Tuesday.

HB 66, which would impose a statewide 5 percent lodging tax, won approval on a 3-1 vote from the Senate Travel, Recreation, Wildlife and Cultural Resources Committee. The bill now heads to the Senate floor for review by the full body.

Money from 3 percent of the tax — estimated at $19 million per year — would go to the state Tourism Division to finance its operations. The division would no longer receive funds from the state’s main banking account, the General Fund.

Revenue from the other 2 percent would be sent to communities to replace local lodging taxes when they expire.

The bill’s committee approval was welcomed by members of the tourism industry, who said Wyoming needs all the financial help it can get to lure visitors to the state.

“Montana, Colorado, Utah, they outspend us by almost double in some instances and tourism is a competitive business,” said Chris Brown, director of the Wyoming Restaurant and Lodging Association. “We’re just looking to grow our slice of the pie for Wyoming’s visitor economy.”

Committee member Sen. Lisa Anselmi-Dalton, D-Rock Springs, declared a conflict and did not vote on the bill because she owns a hotel in Rock Springs.

Anselmi-Dalton also said she is not a supporter of the tax because of the burden it puts on business owners.

“It’s a pretty heavy lift for some people,” she said. “When I put things out to bid at my hotel, (clients) say ‘This is my budget’ and I end up eating the tax.”

The vote came as legislators approached a deadline to address the bills in front of their committees. All committee work must be completed by Wednesday.


Bonus plan for investment pros good way to build team, Meier says

in News/Taxes
Interview with Wyoming State Treasurer Curt Meier
949

A plan to reward the state’s investment officials for good decisions will help the state build and maintain a team of skilled investment professionals, according to state Treasurer Curt Meier.

Meier, in an interview with Cowboy State Daily, said Friday the plan put forward by HB 222 would encourage smarter investments of state money, which in turn could help the state weather the fluctuations in energy prices.

“We need to attract and maintain a great team of investment people for the state of Wyoming,” he said. “If we can do our just to get (investment returns) to the median of what other states are doing, we can fix the budget crisis in our state.”

HB 222, which is awaiting the signature of Gov. Mark Gordon to become law, would reward investment professionals with a bonus equal to a percentage of their salaries if their investments exceed certain market benchmarks.

The bonus size would fluctuate based on the investment professional’s position. For instance, the state’s top investment officer, Patrick Fleming, could double his salary of $250,000 for good performance.

The bonuses would be paid out over three years to encourage investors to remain with the state. If they left state employment before the end of the three-year period, they would forfeit the remainder of their bonuses.

“We don’t want people to get into the hit and run attitude,” Meier said. You can have somebody … run way out on the risk cycle just to get his bonus and pick up his check and leave.” The arrangement will also help encourage investment officers to make prudent decisions so they are not fired, Meier said.

Good investment officers look not only at returns, Meier said, but the risks involved. For instance, he noted some corporation in recent years have been borrowing money so they could buy back their own stock.

“You have to figure out what those underlying things are that aren’t apparent to everyone,” he said. “You have to get the right people to do the right study, the right analysis. It’s not just the returns, it’s the risk-balanced returns.”

The bonus plan could eventually allow the state to reduce the fees it pays to investment firms, now estimated at $60 million to $80 million a year, Meier said, by increasing the number of talented investment professionals inside the state.

“We’re probably in the bottom 2 percent of what people are paid (nationally),” he said. “That’s why we’re trying to build the team with in-state people. We’re trying to grow our own here. Because it’s har to get somebody from outside who doesn’t like the bright lights and big city.”

Wyoming Legislature: Where they are

in Education/News/Taxes
Wyoming Legislature bill analysis where they are
941

By Cowboy State Daily

Here is a look at the status of some of the bills being considered by Wyoming’s Legislature during its general session:

  • HB 14 — Creating the “Mountain Daylight Savings Time” zone for Wyoming. Defeated in Senate “Committee of the Whole.”
  • HB 38 — Raising legislative expense reimbursements from $109 per day to $149. Awaiting governor’s signature.
  • HB 52 — Giving preference to Wyoming-made products in furnishing state buildings. Awaiting governor’s signature.
  • HB 66 — Setting a statewide lodging tax of 5 percent. Introduced in Senate, referred to Travel, Recreation, Wildlife and Cultural Resources Committee.
  • HB 71 — Raising the penalty for violating equal pay rules to $500 per day. Awaiting governor’s signature.
  • HB 140 — Imposing a 48-hour waiting period to perform abortions. No action will be taken in Senate committee before the end of session.
  • HB 145 — Eliminating the death penalty. Killed in Senate “Committee of the Whole.”
  • HB 192 — Requiring photo ID to vote. Killed on third reading in House.
  • HB 220 — Imposing an income tax on out-of-state companies with business locations in Wyoming. Introduced in Senate, referred to Senate Corporations, Elections and Political Subdivisions Comittee.
  • HB 251 — Authorizing Wyoming to sue the state of Washington over it refusal to allow the construction of a coal port. Introduced in Senate, referred to Senate Minerals Committee.
  • HJ 1 — Asking the federal government to delist the grizzly bear. Awaiting governor’s signature.
  • SF 46 — Limiting the length of a prescription of opioids to 14 days. Introduced by House, referred to Labor, Health and Social Services Committee.
  • SF 57 — Setting a deadline for the release of public documents by government agencies. Approved on second reading in House.
  • SF 119 — Making all expenditures by the state auditor’s office public and available for review. Introduced in House, referred to House Appropriations Committee.
  • SF 129 — Repealing requirements for reports from the state Department of Education. Joint conference committee appointed to resolve House and Senate differences.
  • SF 148 — Allowing the state to seize and operate federal facilities — including national parks — under certain conditions. Killed in House Minerals Committee.
  • SF 149 — Creating a “Capitol Complex” around the state Capitol and giving the state building commission authority for planning in the area. Approved by House Rules Committee.
  • SF 160 — Requiring changes in voter party affiliation to take place two weeks before absentee ballots are distributed. Introduced in House, referred to House Corporations, Elections and Political Subdivisions Committee.
  • SJ 3 — Declaring Dec. 10, 2019, as Wyoming Women’s Suffrage Day. Signed into law by governor.

Representative seeks cut in coal taxes

in News/Taxes
801

By Cowboy State Daily

A state representative is trying to bring coal taxes more in line with those assessed against oil and gas.

Rep. Tim Hallinan, R-Gillette, is proposing a cut in coal severance taxes from 7 percent to 6.5 percent, a reduction he said was warranted given the fact the coal industry has paid the state almost $1.2 billion in taxes in the last five years.

Hallinan said a 6.5 percent tax rate would bring coal closer to the 6 percent severance tax assessed on oil and gas.

“I saw this a an equity issue and a way we could strengthen the coal industry in my community,” he said.

The reduction would cut Wyoming’s severance tax income by an estimated $13.5 million per year, according to Legislative Service Office estimates.

Hallinan’s bill, HB 167, is awaiting a review from the House Revenue Committee.

Tobacco tax dies in House committee

in News/Taxes
Extinguished cigarette on a table toble next to ashtray, ALT=Tobacco tax
798

A measure that would have boosted taxes on cigarettes and other tobacco products was killed in a House committee on Monday.

The House Revenue Committee voted 5-4 to keep HB 218 from reaching the House floor The bill would have increased cigarette taxes by $1 per pack, from 60 cents to $1.60.

The measure was one of a number of bills introduced this session aimed at raising tax revenues. 

Rep. Dan Zwonitzer, R-Cheyenne, chairman of the House Revenue Committee, said the bills represent ways legislators are looking at avoiding a state budget deficit moving forward.

“Three years ago after the financial crisis hit Wyoming, we were still in crisis mode, tryng to see how far down we were going to go,” he said. “Now that we’ve stabilized, it’s time to say ‘How are we going to fix this decrease.’ We’re $350 million still in deficit and so that’s why you’re seeing a lot of tax bills this session. It’s to say long-term moving forward, how do we make sure we have a balanced budget?”

Go to Top