In Wyoming, we take a different approach to encouraging business growth. Rather than have multiple taxes that are then mitigated only for some qualifying businesses, we keep the cost of doing business low by keeping the tax burden as low as possible for all businesses, both new and existing.
For example, Colorado has a “Job Growth Incentive Tax Credit” which provides a state income tax credit to qualifying businesses. Wyoming does not have a similar tax credit because there is no state income tax. The Tax Foundation again ranked Wyoming #1 for the 2022 State Business Tax Climate Index.
Tax Advantages
- No state corporate income tax
- No individual income tax
- No corporate state income taxes
- No inventory taxes
- No sales tax on manufacturing equipment
- No sales tax on electricity and gas used in the manufacturing process
- No state or local gross receipts tax
- Low sales tax (4% state + 2% county)
- Low property taxes
View the Wyoming State Statutes here
Incentives
Wyoming’s premier incentive is its everyday low cost of doing business coupled with an abundant quality of life. Incentive packages are customized to the particular needs of a company.
- Land acquisition can be accomplished under favorable terms depending upon job creation.
- Employee training programs can be favorably structured to meet most employers’ needs.
Business Training Grants and Apprenticeship Grants:
- $4,000 per employee/year
- $5,000 per employee/year for preferred industries, Plus business entities are eligible to apply for up to $200,000 per state fiscal year. Preferred Industries: Construction, Faincne & Insurance, Healthcare & Social Assistance, Manufacturing, Technology, Hospitality and Tourism.
