Insurance payments-not taxable.

HB 105 exempts insurance settlement payments used to purchase replacement vehicles from Wyoming's sales and use taxes. It directly affects Wyoming residents who receive insurance payouts after vehicle damage and use those funds within 90 days to buy a new motor vehicle, house trailer, trailer coach, or similar vehicle. The bill amends tax code sections to exclude the insurance payment amount from the taxable sales price of the replacement vehicle, provided the original vehicle was acquired by the insurance company through a damage settlement. This change applies only to vehicles subject to sales tax and requires the replacement purchase to occur within 90 days of receiving the insurance payment. The bill was introduced in February 2024 but failed committee consideration on February 14, 2024.