Index
Wyoming No Income Tax
Summary
Wyoming is considered the most tax-friendly state in the U.S. because it levies absolutely no personal income tax and no corporate income tax.
Rights & Rules
- 01.Individuals pay $0 in state income tax.
- 02.Corporations and LLCs pay $0 in state corporate income tax.
- 03.Wyoming also does not have an estate tax, an inheritance tax, or a tax on out-of-state retirement income.
- 04.The state government relies almost entirely on property taxes and massive severance taxes on the coal, oil, and natural gas extracted within its borders.
Penalties
- 01.There are no state-level tax penalties because the taxes do not exist. However, businesses must still pay a small annual franchise fee to maintain their LLC or corporate status ($60 minimum).
Verified Citations
Wyoming Department of Revenue Guidelines
Source"The State of Wyoming does not levy a personal or corporate income tax. Wyoming does not assess a tax on retirement income earned and received from another state."