Business Taxes

Tax-Friendly Wyoming

The positive condition of Wyoming’s state finances makes Wyoming “tax friendly” to residents and businesses alike. The state’s largest source of revenue is mineral extraction, with the second being the tourism industry, resulting in one of the lowest tax burdens in the country. 

In fact, The Tax Foundation in Washington, D.C. has again in 2012 ranked Wyoming FIRST in “tax-friendliness” to business. The tax index used in the analysis takes into account 118 variables in five major areas of taxation: business taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes. [See the full Tax Foundation report.] 

Our Tax Structure for Businesses

State Corporate Income Tax     NONE
State Inventory Tax  NONE
Sheridan County Sales Tax  6%

Commercial Property Tax
Example: on $1,000,000 property in the City of Sheridan 

$6,793
annual

 Wyoming’s Financial Stability

On February 1, 2013, Governor Mead announced that Standard & Poor’s Ratings Service (S&P) will continue  Wyoming a AAA rating, the highest credit rating possible. S&P said the outlook for Wyoming is stable and that its financial management practices are rated as “Good.”

S&P made note of several points:

* The state’s economic strength in recent years, with above-average population growth, lower-than-average unemployment, and above-average income levels;

* The governor’s strong statutory ability to make mid-biennium cuts in the event of revenue shortfalls;

* Regular consensus revenue forecasting;

* Wyoming’s maintenance of large general fund balances;

* The existence of a permanent fund, whose interest earnings are available for general fund expenditures; and

* Low overall debt and other postemployment benefit (OPEB) liabilities, and a moderate pension liability.

Governor Mead noted that the significance of receiving this affirmation of the highest possible rating shows that Wyoming is in a very sound position and in a good place for companies to invest. And State Treasurer, Mark Gordon, added: “It is good for our state to be recognized for its fiscal discipline. It is a tribute to leadership, to the diverse and balancing parts of our economy that have contributed to its stability, and most especially to the Wyoming spisit of livng within our means. This rating is important as it signals to investors how safe and solid investments in Wyoming, its municipalities, counties, and schools are.”

 

 

Thank you 2014 Community Partners

Platinum Partners

Gold Partners

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