Business Incentives and Assistance
The following programs are some of the incentive packages currently in place and would likely apply to a manufacturing business.
Low and No Tax Nature of Wyoming
Wyoming generates the income needed for the state from a mineral royalty’s tax assessed on oil, gas, coal and other minerals produced in the state. As a result the only other taxes in the state are a low 4% sales tax and a low property tax. Manufacturers in Wyoming are exempt from sales tax for equipment and energy usage. New or used equipment purchased and all energy used in the manufacturing process are exempt from sales tax. It is important to note that Wyoming does not have a state corporate or personal income tax.
Gillette, Campbell County and Wyoming Taxes
Personal Income Tax Rate 0%
Corporate Income Tax Rate 0%
Statewide Sales Tax 4%*
Optional Local Sales tax 1%*
Capital Facilities Sales tax (water project) 1%* (expires in February 2015)
Lodging Tax rate 2%
* Note: Equipment purchases and Energy used in the manufacturing process are exempt from sales tax for Manufacturers in Wyoming
Business-Ready Community Grant
The state of Wyoming has a unique grant program to assist businesses in setting up operations in Wyoming. This grant can be applied for by the local community or a local community development organization to build or remodel facilities for a business committed to relocating to Wyoming. Up to $3.0 million dollars per grant is available for construction, infrastructure, and buildings.
Up to $150,000.00 (one hundred-fifty thousand dollars) loan convertible to grant through the Community Development Block Grant program with the following terms: 1) convert loan to grant at rate of $500.00 per job created and retained for 12-months; 2) Loan amount will be determined by the above mentioned $500.00 per job created; 3) 51% of jobs filled by low-to-moderate income persons (current moderate income for family of four is $35,900/year; 4) use loan proceeds for eligible activities; and 5) rate, term and collateral negotiable and at discretion of the Wyoming Business Council.
Manufacturing-Works (MW) is the Manufacturing Extension Partnership for Wyoming that brings expert engineering assistance to manufacturers in Campbell County. The staff at MW is able to bring advanced engineering expertise to help in many areas. Their expertise includes product development, innovation engineering, Lean production methods, energy efficiency, and much more.
Workforce Development Grants
Training costs of $2,000 or $4,000 per qualified position may be funded incrementally by the State. Compensation is made for positions that continue for a minimum of ninety days beyond completion of training. These funds are available on a continuing basis.
Industrial Revenue Bonds
The State Treasurer is allowed to purchase industrial development bonds issued by municipalities or counties for the benefit of Wyoming businesses up to $300,000. The bonds may finance purchase, construction and installation of buildings, personal property or equipment, which will add economic value to goods, services or resources within the state.
There are numerous other incentives for moving your business to Gillette. We would be happy to discuss the options and availability of the various incentives and help you take advantage of all possible benefits.