Wyoming Income Tax Act Filed For 2020 Legislature

A bill that would create both a personal and corporate income tax in Wyoming has been filed for the 2020 legislative session.

You can read House Bill 147 here.

The bill is a separate measure from House Bill 64, which is a proposed corporate income tax on companies with over 100 shareholders. House Bill 147 would impose a four percent income tax on earnings over $200,000.

Taxpayers would receive tax credits for excise, sales, use, severance and ad valorem taxes paid in Wyoming.

The fiscal note attached to the bill estimates the personal income tax would raise about $ 108,000,000 annually with the corporate tax generating roughly another $7,000,000 per year. Proceeds would go to the School Foundation Fund.

The bill is being sponsored by Sen. Chris Rothfuss and Rep. Cathy Connolly, both Albany County Democrats.

Rothfuss told Townsquare on Tuesday morning that while he knows there is strong opposition to an income tax in Wyoming, he hopes the bill will at least help spark an important discussion about taxes and government revenues.