Wyoming Revenue Panel Studies Tax Proposals
CHEYENNE, Wyo. (AP) — The Wyoming Legislature's Joint Revenue Committee will provide the first clue on whether raising taxes to bolster the state's sagging finances has any support among lawmakers.
The committee was meeting Wednesday to consider four proposals that would increase state taxes.
Among them is a proposal to increase the state sales tax from 4 percent to 4.5 percent. The additional money collected from the increase would go to public K-12 school construction and maintenance projects.
Wyoming coffers have been depleted by a downturn in the state's mineral extraction industry, which provides much of the state's tax base to pay for government services and schools.
The state is facing a nearly $500 million shortfall in funding its schools.
But recently rising oil prices have boosted hopes that tax increases won't be necessary.