Wyoming's Tax Structure
Wyoming has some of the lowest taxes in the nation - and certainly one of the lowest personal tax burdens per capita. With no corporate or personal income tax, state and local governments rely heavily on mineral revenues to keep services afloat.
What is taxed in Wyoming?
Wyoming has the following taxes:
- Sales and Use Tax (state and local)
- Property Tax
- Severance Tax
- Excise taxes on Fuel, Lodging, Alcohol and Tobacco
- Business Entity License Tax
- Estate Tax
- Commercial Vehicle Registration
- Insurance Premium Tax
- Motor Vehicle Registration
- Oil and Gas Conservation Charges
- Pari-Mutuel Tax
- Public Utilities Tax
- Railroad Car Tax
- Unemployment Insurance
- Worker's Compensation
More information on specific taxes can be found in the WTA's Wyoming Tax Summary.
What are the major sources of revenue?
In the 2010 fiscal year, severance, property, and sales and use tax make up nearly 87% of the total tax revenue collected by the state. Severance taxes generated $714,656,377; property taxes levied $1,362,485,156; and state and local sales and use tax collected $953,798,102. Property and severance taxes on minerals made up almost 43% of all tax revenues collected. For more information on Wyoming's major revenue sources see our One Page, Quick Reference Of Wyoming's Major Tax Sources.
How does the tax burden in Wyoming compare in different income brackets?
A District of Columbia Report Comparing Tax Burdens in 2008 ranked Wyoming as follows
Income |
Tax Burden
(as a percentage of income) |
Average Tax Burden
(as a percentage of income) |
Wyoming's Rank
(Including Washington D.C.) |
$25,000 |
9.4% |
10.9% |
42 |
$50,000 |
4.4% |
8.2% |
50 |
$75,000 |
3.9% |
8.0% |
51 |
$100,000 |
4.0% |
8.2% |
49 |
$150,000 |
3.3% |
7.8% |
50 |
More information on Wyoming's Low Tax Burden is available here: Wyoming’s Low Tax Burden
How do Wyoming Excise taxes compare?
- Wyoming's gas taxes are much lower than surrounding states.
- Wyoming lacks a tax on beer, while Montana, Utah and Idaho all tax beer.
- Wyoming's taxes on other liquors are all below surrounding state's rates.
- Wyoming's tax on cigarettes is comparable to Utah and Idaho's but far below Montana's. Rates on other tobacco products vary.
More information on how Wyoming's taxes compare can be found here: How Wyoming’s Taxes Compare Regionally. |
