Energy Activity Spurs Jump in Wyoming Tax Collections
CASPER, Wyo. (AP) — The state of Wyoming collected over $1 billion in sales and use taxes in fiscal year 2019.
According to an annual tax revenue report compiled by the state’s Economic Analysis Division, that was nearly 12 percent more than the state collected the previous fiscal year.
The report credits oil exploration and more active drilling rigs in eastern Wyoming for some of the growth.
The Casper Star- Tribune reports that construction stemming from the energy sector delivered high returns for the state.
Still, the 2019 fiscal year didn’t set any tax records.
Chief economist Wenlin Liu says the amount of total sales and use taxes for fiscal year 2019 was about 5 percent lower than that of fiscal year 2015, before the economic downturn in the state.