Tax Efficiency

Wyoming does not tax income, capital gains, estates or inheritances, or gifts, making it an attractive location for wealth transfer and business planning.

Article 15, § 18 of the Wyoming Constitution states that any imposed income tax must be accompanied by a full credit against such liabilities for all sales, use, and ad valorem taxes paid by a given tax payer to any Wyoming taxing authority; therefore, there would need to be broad legislative support to change the Constitution and impose a state income tax in the future.

Wyoming does not impose taxes on out-of-state retirement income, mineral ownership, or intangibles, and has reasonable property tax rates. Wyoming derives a significant portion of its revenue from mineral severance taxes. As the global economy diversifies its energy sources, Wyoming elected officials continue to resist calls to impose new taxes and have a positive economic outlook.

Wyoming’s insurance premium tax — relevant to high annual premium private placement life insurance policies (PPLI) — is among the lowest in the country at 0.75% for the first $100K and 0.075% thereafter. W.S. § 26-4-103.