As we’ve mentioned before, our Georgia clients frequently ask us to investigate potential credits and incentives in other states where they have operations, potential acquisitions or strong relationships with customers or vendors. In addition, private equity groups ask us about potential $$ for their portfolio companies.
We were recently asked about credits and incentives in Wyoming
, and their state economic development professionals gave us some details (Wyoming incentives site click here
For starters — Wyoming has no corporate state income tax, no personal state income tax, no inventory tax, no franchise tax, no occupation tax, and no value-added tax — so like we saw with South Dakota, income tax credits are not applicable! CNBC ranked Wyoming #13 in their 2016 America’s Top States for Business survey (Georgia was #8 in the same survey).
Financing and Other Incentives include:
Sales Tax Exemptions
for manufacturing machinery, electricity used in manufacturing, and certain data center equipment and system purchases.
Managed Data Center Cost Reduction Grant Program reimburses the accrued utility expenses for power or broadband up to a maximum grant award of $2.25 million.
Loan Programs include Wyoming Partnership Bridge Loan, Wyoming Partnership Guaranteed Loan Program, and the Economic Development Large Project Loan Program.
Workforce Development Training Grants provide up to $2,000 per trainee per fiscal year for Wyoming businesses with existing employees who need a skill upgrade or retraining in their current occupations. Business Training Grants for New Positions provide between $1,000 to $4,000 per trainee per fiscal year depending on the employee’s full-time status and wage amount.
Compared to Georgia, Wyoming has:
- 0.0% corporate and 0.0% personal income tax rates!
- Much lower combined state and local tax burden
- A narrower range of incentives
- Pre-approval required for all incentives
To summarize, Wyoming doesn’t need income tax incentives, because they don’t have income taxes.