Tax Structure

The City of Laramie and Albany County provide a very attractive tax structure:

  • State Income Taxes
    • Individual - 0%
    • Corporate - 0%
  • Inventory Tax - 0%
  • Property Taxes - 6.9%
  • Sales and Use Taxes - 6%
  • State Unemployment Insurance - Based on NAICS
  • Wyoming Worker's Compensation Insurance - Based on NAICS
  • Retirement Income Tax - 0%
  • Inheritance and Estate Tax - 0%

State Income Taxes
The state of Wyoming does not levy a personal or corporate income tax or impose a tax on intangible assets such as bank accounts, stocks, or bonds. In addition, Wyoming does not assess any tax on retirement income earned and received from another state. Further, there is no legislative plan to implement any of these types of taxes.

Inventory Taxes
The State of Wyoming does not levy an inventory tax.

Property Taxes
Property taxes (or ad valorem taxes) are taxes levied on the owner of real estate and/or property (depending on jurisdiction). The tax is generally based on some measure of value of the property itself.   Average tax rate in Albany County is 6.9%.

Tax computation
Fair Market Value of Property X Level of Assessment (9.5% for Residential and Commercial Property) X Tax Rate
= Property Tax

Example
Tax on a commercial facility valued at $1,000,000 is as follows:
$1,000,000 x 0.095 = $95,000 x 0.069 = $6,555
State assesses agricultural lands at 9.5% of agricultural value, residential and commercial at 9.5% and Industrial at 11.5% of fair market value.

Property Tax Exemptions
All Wyoming citizens benefit from property tax exemptions. Personal property held for personal use is tax exempt. Inventory, pollution control equipment, cash, accounts receivable, stocks, and bonds are also exempt. 

The state has several property tax relief programs. If the value of certain assets (bank accounts, investments, real estate other than house, and motor vehicles in excess of one per household member) exceed $21,120, a resident cannot qualify. To be eligible for the main property tax relief program one must have a household income less than the greater of half the state or county median household income, and have other assets totaling less than $21,120 (see above). By meeting the eligibility rules, the tax relief is up to one-half of the median residential property tax or one-half of the property tax bill, whichever is less.

There is an exemption for veterans who qualify. Generally $210 or less per year is removed up to a lifetime maximum of $800. Those who have exhausted their lifetime benefit were able to reapply in 2007. A surviving spouse may continue to collect benefits until he or she remarries.

A tax rebate is available to those ages 65 and older who meet certain income requirements. They can receive a refund on property tax, utilities, and sales/use tax ranging from $100 to $800 if single and $100 to $900 if married.

Franchise Tax
Whether you are a domestic corporation (a corporation organized in Wyoming) or a foreign corporation (a corporation organized in a state other than Wyoming), you must file an annual franchise tax report, otherwise known as the annual license tax. The tax is based on the corporate property and assets located and employed in Wyoming. The license tax is $50 or two-tenths of one mill on the dollar ($.0002), whichever is greater. Any entity with $250,000 or less in assets pays the minimum tax of $50.

The same annual license tax applies to Limited Liability Companies (LLCs), Limited Partnerships (LPs) and Registered Limited Liability Partnerships (RLLPs).

Sales and Use Taxes
City of Laramie, Albany County, Wyoming has a 6% sales and use tax (statewide base of 4% plus 1% optional county tax plus 1% capital facilities tax).
There is a county lodging tax of 4% that is added to the other sales taxes.

  • Gasoline Tax: 14 cents/gallon
  • Diesel Fuel Tax: 14 cents/gallon
  • Gasohol Tax: 14 cents/gallon
  • Cigarette Tax: 60 cents/pack of 20

A sales and use tax is a tax levied at the point of sales for some goods and services. The tax is usually expressed as a percentage. Often local and state governments allow for certain exemptions to the sales tax.

  • In Wyoming, grocery items are tax exempt (prescriptions and food for home consumption).
  • Sales and use tax exemption on equipment used directly and predominantly in manufacturing process, for manufacturers in the 31-33 NAQICS Classifications.

State Unemployment Insurance
Wyoming Unemployment Insurance Average Tax Rate by NAICS grouping for CY 2010:

  • Wyoming Unemployment Insurance's taxable base rate for 2010 is $22,800. Tax rates are based on NAICS industry grouping. The following link provides the Wyoming Worker's Unemployment Insurance Average Tax Rate by NAICS Grouping for CY 2010.

Wyoming Worker's Unemployment Insurance Average Tax Rate

  • The 2010 Base Rate is .0100% and the 2010 Tax Rate is 0250%. Except for industries that fall within the Goods Production (NAICS Sectors 23, 31-33) in which the 2010 Base Rate is .0149% and the 2010 Tax Rate is .02990%
  • The minimum Tax Rate assigned to any employer is 0.56% (0.0056). (Computed rate employers only) 
  • The maximum Tax Rate assigned to any non-delinquent employer is 10.00% (0.1000) (Computed rate employers only.) 
  • The maximum Tax Rate assigned to any delinquent employer is 10.00% (0.1000). (Computed rate employers only. Includes 2% (0.0200) delinquency assessment.)

Note: 2010 positive Fund Balance factor included in the tax rates is applied to experience rated employers with a zero experience rate at 0.22% (0.0022). This factor is applied to all other employers at 1.16% (0.0116).

Wyoming Worker's Compensation Insurance
In Wyoming, it is mandatory that ALL employees be covered under Worker's Compensation, including electrical office occupations, with the exception of officers of a corporation or member of an LLC. Corporate officers and LLC Members must contact the Division to elect Workers' Compensation coverage. Tax rates are based on NAICS industry groupings. The following link provides the Wyoming Worker's Compensation Base Rates for 2010.
Wyoming Worker's Compensation Base Rates

Discount: In 2006, the State Legislature provided for a premium base rate discount in an amount not to exceed five percent (5%) of the base rate for the employment classification, if the employer complies with a drug and alcohol testing program approved by the Division.

Retirement Income Taxes
Not taxed, including income received from other states.

Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is limited and related to federal estate tax collection.