Personal Taxes

Earnings tax invoice filed below Wyoming legislation

A bill has been tabled for the 2021 legislature that provides for a four percent income tax in Wyoming.

You can read House Bill 182 here.

It is sponsored by Representatives Yin and Connolly and Senators Rothfuss. The proposed 4 percent income tax would raise an estimated $ 337 million annually for the Wyoming School Foundation program.

This amount would more or less eliminate a projected school funding deficit of $ 300 million that is currently projected for school funding in the state.

Unlike income tax legislation proposed by lawmakers in 2020, the latest proposal would apply to all taxpayers, not just those who earn more than $ 200,000 a year. However, sales and other taxes paid would be offset against the amount owed in state income taxes.

Wyoming is facing significant revenue losses due to low energy prices and a recent moratorium on new oil and gas leases in states due to the Biden government. The biggest deficits are in school financing.

Earlier rulings by the Wyoming Supreme Court ruled that paying for education is the state government’s top priority under the Wyoming Constitution.

Many Wyoming lawmakers anticipate another lengthy and expensive legal battle over education funding in the near future. Such litigation has been conducted in the state that dates back to the 1980 Washakie decision.

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