Wyoming lawmakers have declined to move forward with two bills to increase and broaden the state’s sales and use taxes, news outlets said.
The Legislature’s Joint Revenue Committee reportedly killed a pair of tax reform bills aimed at chipping away at the state’s estimated $1.7 billion revenue shortfall. The committee – like many in most state capitals as COVID-19 drags on and depletes tax coffers – has been recently tasked with drumming up revenue sources.
The first bill draft sought to repeal several sales and use tax exemptions and subject numerous services to the taxes – with the potential to bring an additional $71 million annually for the state.
Wyoming imposes a sales tax on the retail sale of tangible personal property. The state’s new economic nexus laws, which took effect on Feb. 1, 2019, kick in at $100,000 or 200 or more separate transactions in the previous or current calendar year.
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