taxes

A new report from the Wyoming Department of Administration and Information shows that sales tax numbers last spring dropped dramatically in both mining and lodging.

The legislature's Joint Minerals, Business & Economic Development Committee voted in favor of sponsoring a bill they hope will incentivize new oil and gas production in the state.

The Joint Revenue Committee began a discussion on how to transition to a monthly ad valorem tax collection schedule. During this year's budget session, legislators voted to slowly shift mineral producers from an 18-month lag in collection to a monthly schedule in order to reduce tax delinquency.

Wyoming legislators were told that state revenue projections are down $1.5 billion from January led by a huge drop in projected oil prices. 

Tomorrow, July 25, is the last day Cloud Peak Energy will accept new bids to purchase its assets, which include Cordero Rojo and Antelope mines. The coal company filed for bankruptcy in May after cash difficulties that stem back to 2009.

Wyoming is not the best state in the U.S. to develop wind. A new report out of the University of Wyoming shows the state is actually in fourth place nationwide. Authors of the report said even that position is vulnerable since Wyoming legislators have been pushing for increases to the wind tax.

The Wyoming Senate has given initial support to a five percent lodging tax that could provide over $20 million to Wyoming's tourism industry. Three percent of the tax would go towards state tourism promotion and the other two percent would go to counties to promote local tourism. Senator Hank Coe of Cody said during floor debate that the tax is important.

The Wyoming Senate will soon get a chance to debate a 5 percent statewide lodging tax proposal that supporters say will raise $32 million. Most of the money will go to fund tourism promotion in the state.

Strong opposition to a proposed corporate income tax that was targeted at large-box stores will likely die this session without a vote. After a lot of opposition, the bill started to lose support in the Senate.

A bill under discussion in the Wyoming legislature called tax liability mineral production may not sound important, but Sheridan Representative Cyrus Western, and other legislators, assure that it is. Counties see it as a step towards recovering taxes owed to them from mineral companies - ad valorem taxes.

A bill that would exempt uranium producers from a severance tax has passed through the House Revenue Committee. The goal is to ease the financial burden for companies when the market is particularly weak. The general counsel from Cameco, the state's largest uranium producer, said money saved would be used to improve operations and provide good paying jobs.

The big hitters in the energy industry are all back on the docket this session: coal, wind, uranium, and oil and gas. Unsurprisingly, the focus is on revenue for all of them. Here’s a look at a few of the bills still under discussion.

The Wyoming legislature is considering a bill that would raise millions to support the state's tourism economy.

A new report shows Wyoming’s lowest-income residents pay a higher tax rate nearly three times higher than the state’s top earners. While the state doesn’t have an income tax, sales tax ends up being a bigger portion of the lower class’ expenses. The report comes from the progressive advocacy group Better Wyoming and the bipartisan Institute on Taxation and Economic Policy out of Washington D.C.

Last Friday, legislators spent three and half hours hearing testimony and discussing improvements to the ad valorem tax system, one-time severance taxes paid to counties to fund local services and the state school system. 

The Joint Revenue Committee has decided to put together a framework of what a corporate income tax could look like in Wyoming. The meeting grew heated as two public commenters accused the committee trying to adopt a tax increase. 

The Wyoming Joint Revenue Committee has voted to move forward with an optional municipal tax. It would allow any Wyoming town or city to institute its own one-cent sales tax to fund specific projects, a new source of revenue proponents say is sorely needed.

The Joint Interim Revenue Committee is planning to discuss changes to a particular kind of tax known as ad valorem. It's a mineral property tax that has been a huge challenge for counties to collect for years due to policies that don't prioritize its collection.

The Economically Needed Diversity Options for Wyoming Committee or ENDOW presented a 20-year plan to the legislature’s Joint Revenue, Business and Economic Development Committee and generally got good support. 

Albany County community leaders took a sigh of relief Tuesday night when a sixth penny tax, also known as a special purpose excise tax, passed by a wide margin there. 

Community leaders in Albany County have fingers crossed that voters will agree to renew a sixth penny tax. What's also referred to as a special purpose excise tax would pay for a host of infrastructure needs. Numerous counties also use such a tax in the state. 

A foreign trade zone, or FTZ, near the Casper International Airport will be expanded to cover most of Natrona County.