The process of completing an audit for mineral companies can take years and is a very involved, and complex process. It has also been recognized that Wyoming mineral tax are complicated. This initiative will focus on simplifying the code and streamlining the audit process. The interest rate applied to the underpayment of ad valorem (property) taxes was placed in statute over 30 years ago at a rate of 18%. During this time typical interest rates were nearing 20%.
Streamline the process of auditing companies to shorten the duration. Determine an appropriate interest rate or duration for its accrual for the underpayment of ad valorem taxes. Analyze Wyoming mineral tax statutes to determine possible areas of inefficiency and determine possible corrections.
Wyoming Department of Audit; Wyoming Legislature
Department of Revenue, industry, Wyoming Mining Association, Petroleum Association of Wyoming, Local Governments