WyomingTaxBenefits2

  1. No state income tax. No state tax on personal or corporate income.
  2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. You can establish a trust in Wyoming for the benefit of your family or other beneficiaries. You can transfer your real estate into a limited liability company or family partnership and then put that into the ‘dynasty trust,’ which can continue for a thousand years. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
  3. No inheritance tax or estate tax: Wyoming repealed its estate tax as of January 1, 2005.
  4. No state gift tax: Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without paying a state gift tax.
  5. No tax on out-of-state retirement income: People in Jackson Hole who use Wyoming as a second home may have retirement income that comes from other states where they are a resident. Wyoming doesn’t tax retirement income earned outside of Wyoming.
  6. Low property taxes: Wyoming has very low property taxes compared to other states. The taxes that you do pay here are based on the assessed value of the property. For Teton County the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of one percent.
  7. No excise sales taxes: When you fill up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.
  8. No tax on mineral ownership: Many states charge owners a tax on their mineral ownership, but Wyoming does not.
  9. No intangible taxes: Wyoming doesn’t tax financial assets like stocks and bonds.
  10. No tax on the sale of real estate.