|
Below is a snapshot of key features of Wyoming's tax system. (Scroll Down)
|
State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $6 billion
- General Revenue as a Share of Income: 24%
- Tax Revenue: $3.7 billion
- Tax Revenue as Share of income: 14.7%
- Personal Income Tax (Share of Tax Revenue): 0% (51 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 0% (51 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 37.3% (17 out of 51)
- Property Tax (Share of Tax Revenue): 34.1% (14 out of 51)
- Other Taxes (Share of Tax Revenue): .7% (47 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: N/A
- Standard Deduction: N/A
- Personal Exemption: N/A
- Dependent Exemption: N/A
- Earned Income Tax Credit (EITC): None
- No broad based personal income tax
Corporate Income Tax Features (2011)
- Range of Tax Rates: N/A
- Income Level at Which Top Rate Applies: N/A
- Combined Reporting: N/A
- Apportionment Factor (Payroll): N/A
- Apportionment Factor (Property): N/A
- Apportionment Factor (Sales): N/A
Sales Tax Features (2011)
- State Sales Tax Rate: 4.00%
- Average Local Sales Tax Rate: 1.35%
- Average Combined State & Local Sales Tax Rate: 5.35%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Exempt
- Number of Services Taxed: 58 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
Property Tax Features (2011)
- Does not provide a meaningful homestead exemption or circuit breaker for non-elderly taxpayers.
- Comparatively low property taxes.
- Majority of property taxes paid by mineral industry.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.14
- Diesel Tax Rate (per gallon): $0.14
- Cigarette Tax Rate (per pack): $0.60
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: N/A
Tax Policy Oversight
- Tax Expenditure Report: None
- Tax Incidence Analysis Capability: None
Last Updated August 25, 2011
Sources & Glossary
|