Sales Tax Forms
Property Tax Forms
Wyoming’s economy is based on agriculture, mining, and some fossil fuel industries. Wyoming has one of the best tax policies for business in the country. Wyoming has the second lowest taxes in the United States. Wyoming residents spend approximately 7% of their entire income of Wyoming state taxes. Wyoming is the least populated state in the US with an estimated population of 544,270. Since it is a small state it can afford to have low taxes and still be able to provide all basic state and local government services. If you need legal advice and assistance, contact Wyoming lawyers.
Wyoming Sales Tax
The government is heavily dependent on the Sales tax as a means of generating revenue. The Wyoming sales tax rate currently stands at 4%, well below the national average. Wyoming sales taxes generate $2,069 a year in revenue from each person. There are few sales tax exemptions, if any, to the Wyoming sales tax. The Wyoming sales tax on gasoline is extremely cheap at 14 cents per gallon.
Due to the state’s large size and countless miles of open roads, fuel consumption for the state of one half of a million residents is not to be discouraged. Wyoming’s major industries are also huge fuel consumers. Agriculture and mining consume tonnes of petroleum a year. Wyoming’s agricultural sector includes raising livestock feed crops and cattle ranching. Fuel consuming farming equipment necessitates cheap fuel to keep production steady. The Wyoming Sales tax on cigarettes is only 60 cents per pack of twenty.
Wyoming State Income Tax
Wyoming is one of seven American states that does not impose an income tax. The Wyoming State income taxes do not exist for both corporations and individuals. This accounts for the state’s pro business tax policies that are designed to create a more diversified economy for Wyoming residents. Agriculture and fossil fuel mining are dwindling economic sectors in the state. Wyoming does not levy a gross receipts tax on businesses either.
The only tax Wyoming businesses must pay is the Wyoming sales tax. In turn, it is the consumer that pays the tax, the businesses are only required to deliver the revenue. Essentially, businesses do not pay any taxes in Wyoming. The Wyoming State Income Tax was never implemented since the federal gave its rubber stamp on this this form of taxation in 1913 with the passage of the Sixteenth Amendment
Wyoming Property Tax
Given the state’s rural character, the state has surprisingly high property taxes. Wyoming property taxes are among the nation’s highest. Ownership of a piece of Wyoming’s beautiful landscape comes at a cost. Wyoming collects property taxes at the local and state level. Local governments collected about $1,505 a head in property taxes.
This may be because property owners in Wyoming own large plots of land for industrial or agricultural purposes. Residential properties are relatively large as well. Local governments keep the bulk of property tax revenue to provide vital local government services. State revenue from Wyoming property taxes amounted to an estimated $425 per capita. Combined state and local property taxes are about $1,930 per capita. This is not bad, given the fact that Wyoming residents only contribute about $3,700 worth of Wyoming state taxes.