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. Looked at another way, all businesses in Wyoming receive such a tax credit when compared to other states. The Tax Foundation again ranked Wyoming #1 for the 2020 State Business Tax Climate Index.
- 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
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.
Some examples of resources that may be made available include:
- Customized employee training programs funded in incremental amounts of up to $4,000 per qualified position.
- Site-ready land in Cheyenne LEADS’ business parks