Wyoming Basic Business Taxes 2016
Corporate Taxes & Incentives Guide
Wyoming imposes no corporate income tax and no personal income tax.
Sales and use taxes:
A 4 percent state sales tax is imposed on retail sales, rentals, and enumerated services. The tax is levied on gross receipts from retail sales. A 4 percent use tax based on the sales price of tangible personal property is levied on the use, consumption, or storage of tangible personal property in the state and on such property sold and delivered from out of state. Counties are authorized to levy up to an additional 3 percent sales tax, which is subject to voter approval.
All property, other than intangible personal property, is subject to taxation, unless specifically exempted. Residential and commercial properties are generally assessed at 9.5 percent of their market value. Industrial property is assessed at 11.5 percent. The mill levy for most tax districts in Wyoming ranges from 60-120 mills.
All inventories of a merchant or manufacturer are exempt from property taxation.
Goods in transit:
Personal property in transit in interstate commerce, as well as goods manufactured or assembled in Wyoming when the final destination is out of state, is exempt from property tax.
Property used for pollution-control purposes is exempt from property tax.
Aircraft, railroad rolling stock, trucks, truck trailers, semitrailers, and trailers are exempt from the sales tax if they are used in interstate transportation and operated by holders of relevant federal permits or authority.
Manufacturing machinery tax exemption:
As of July 1, 2004, the lease or sale of manufacturing machinery used directly and predominately in the manufacturing process is exempt from sales/use tax.
Industrial fuels and raw materials:
Property that becomes part of or that is used in the manufacturing, compounding, or processing of tangible personal property is exempt from sales and use taxes. This exemption includes containers, shipping cases, and labels.
Additionally, fuel for transporters and fuel or power consumed directly in manufacturing or processing are exempt from sales tax.
Manufacturing Sales Tax Exemption
The sales tax burden is exempt on the sale or lease of machinery to be used in the State of Wyoming directly and predominantly in manufacturing tangible personal property.
Sales Tax Exemption on Electricity Used in Manufacturing
The sales tax burden is exempt on sales of power or fuel to a person engaged in the business of manufacturing, processing or agriculture when the same is consumed directly in manufacturing process.
Managed Data Center Cost Reduction Grant Program
Is a $2.25 Million maximum grant that can be use to reimburse accrued utility expense for power or broadband over three years. In exchange for providing these reductions in costs, the applicant (a Wyoming city, county, joint powers board) shall contract with the business to receive direct benefits and indirect economic development benefits including a specific amount of capital investment from business, specific minimum payroll created by the business, the provision of discounted IT services. The grant amount is based on how much capital investment and payroll the business will realize over five years. For each grant amount, the business must create a match of at least 125 percent of the grant amount in payroll and capital expenditure with the caveat that 50 percent of the match will be in payroll creation. Payroll must be greater than 150 percent of the county's median wage.
Data Center Sales Tax Exemption
This requires a $5 million investment in capital infrastructure (building, walls, engineering, dirt work, etc.) in a Wyoming location in addition to a $2 million or larger investment in data center equipment (servers and peripheral equipment). If these thresholds are met, the sales tax burden on the qualifying computer equipment is exempt from sales tax. This exemption can be applied if the data center invests $2 million in equipment in the future years.
WyoRECs Renewable Energy Credit Discount Program
WyoRECs is a partnership formed in 2013 between the Wyoming Business Council and Powder River Energy Corporation (PRECorp) to offer discounted renewable energy credits (RECs) to companies interested in taking advantage of green energy to power their growing Wyoming operations.
Small Business Investment Credit Program
The Wyoming Small Business Investment Credit Program began Jan. 1, 2011. Venture capital companies interested in applying for certification should download the application packet.
Wyoming State Contact: Brandon Marshall
Manager, Business Recruitment & Development
Wyoming Business Council
307-777-2820 Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings. This information was last updated January 2016.