Wyoming: The Equality State

Wyoming extends over 250,000 km² in the western United States. With a good 575,000 inhabitants, the state is the most sparsely populated in the USA. The population density is the second lowest in the country. Wyoming is also known as the “Equality State”, based on the state motto “Equal Rights”. According to ehuacom, the capital, Cheyenne, has almost 60,000 inhabitants and is also the most populous in the state.

Wyoming ranks second in the Polina Corporate Top 10 Pro-Business-States report. For example, there is no income tax in Wyoming, and sales and property taxes are low. This also applies to the operating costs. The open doors of the legislature and the governor are a great advantage, especially for startups in highly regulated industries. There are also numerous subsidy, credit and incentive programs.

Wyoming Location Map

THE NUMBER ONE IN ENERGY EXPORT

Energy production and mining are two very important industries to Wyoming’s economy. Energy production from oil, gas and coal accounts for almost ten percent of total US energy production.

Wyoming is the second largest onshore energy producer of all US states. Only Texas is in front of the “Equality State”. When looking at net energy exports, the tide turns and Wyoming takes first place. The state is responsible for 29 percent of all US net exports. To put the dimensions into perspective, Texas comes in second at 15 percent. If Wyoming were a separate country, it would rank third globally in terms of energy produced minus consumed (Energy Information Administration, 2014).

Wyoming also occupies the leading position in the United States when it comes to the extraction of raw materials. The state is the nation’s number one producer of coal, uranium, trona and bentonite.

STRENGTHEN STRENGTHS

A host of world-class companies dedicated to the manufacture of energy products already call Wyoming home. Wyoming has the necessary infrastructure and labor to export minerals around the world.

Nonetheless, billions of dollars of investments are underway to further strengthen the sector. In 2020, the state installed wind turbines that produce 1,123 megawatts of electricity, nearly doubling its capacity. If the Chokecherry and Sierra Madre Wind Farm comes online as planned in 2026, it will become the largest wind farm in the United States.

Wyoming is also focused on exploring new and innovative ways to add value to its commodities. Through partnerships, researchers, legislators and industry work together to develop new technologies.

INVESTMENTS FOR A DIVERSIFIED ECONOMY

Not only is Wyoming talking about wanting to diversify its economy, the state is making strong efforts to do so. The technology sector, for example, is to be developed into one of the top industries in the state. In order to achieve this goal, significant investments are being made in this area.

The export of industrial goods increased by 28 percent in the period 2010-2015. Here, too, the state has been able to record successes in the past.

In order to be even better and more versatile in the future, the state is investing massively in its workforce of today and tomorrow. It provides excellent training and further education opportunities. For example, according to Forbes Magazine, the University of Wyoming is the 9th best value college.

INCOME TAX IN WYOMING

Wyoming does not levy an income tax. However, there are federal income taxes to be paid.

CORPORATE INCOME TAX IN WYOMING

Wyoming does not collect a corporate income tax. However, corporation tax has to be paid in the federal government.

SALES TAX IN WYOMING

There is no sales tax or Value Added Tax (VAT) in the USA based on the European model. Instead, in the United States, states, counties, and municipalities levy a local sales tax on the sale of products (but not services).

Sales tax rate in Wyoming

The sales tax in Wyoming is 4% at the state level. Municipalities or districts charge an average of 5.22% sales tax. Combined, an average of 9.22% is due.

Wyoming Nexus-Gesetze & Sales Tax

Learn more about the Economic Nexus Laws in the context of Sales Tax here.

Effective Date

February 2019

Transactions included:

Gross receipts from sales of tangible personal property, permits, or services supplied into the US state (including taxable, exempt, and wholesale sales)

Treatment of tax-exempt transactions:

Exempted sales and exempt services are included in the threshold count

Reason:

sales or transactions

Sales/Transactions Threshold:

$100,000 or 200 transactions

Evaluation period:

The threshold applies to the current or immediately preceding calendar year

Extra information:

  • Registration Requirements: A remote business may be required to register and begin collecting Wyoming sales tax once it crosses the Economic Nexus Threshold.
  • Remote Seller Information
  • HB 19

Wyoming Marketplace Sellers & Sales Tax

Learn more about Marketplace seller registration requirements

Effective date by the marketplace broker:

July 1, 2019

Economic Nexus Threshold:

More than $100,000 in gross sales in Wyoming or 200 transactions in the current or previous calendar year. Remote sellers should exclude sales through a marketplace when calculating the threshold. Marketplace Facilitators include all sales made through the Marketplace when calculating the threshold.

Registration requirements:

  • Remote Multichannel Sellers: You must register with the Wyoming Department of Revenue (DOR) and collect your Wyoming sales tax on sales that are not taxed by a Marketplace Agent once you have crossed the Economic Nexus Threshold.
  • Remote Marketplace Vendors: You do not need to register if you cross the Economic Nexus Threshold as long as the marketplace broker is licensed with the Wyoming DOR to collect and remit sales tax on sales through its platform. Contact the Wyoming DOR for more information.
  • In-State Multichannel Sellers: You must register with the Wyoming DOR and collect taxes on sales that are not taxed by a marketplace intermediary.
  • State Marketplace Vendors: No need to register. Contact the Wyoming Department of Revenue for more information.