Wyoming offers a robust set of incentives designed to attract businesses, encourage economic development, and promote job creation in the state.  With its low-tax environment, strategic location, and focus on industries such as energy, technology, and agriculture, Wyoming has positioned itself as an attractive state for investment.  This guide highlights key state incentives available to businesses looking to establish or expand operations in Wyoming.

Wyoming Business Council Grants

Overview

The Wyoming Business Council (WBC) offers various grant programs to stimulate business growth and economic development in the state.  These grants focus on sectors such as energy, manufacturing, agriculture, and technology, and are designed to help businesses offset the costs of expansion, infrastructure, and workforce development.

Eligibility

• The business must be located in Wyoming or planning to locate there.

• The business must align with one of the state’s targeted sectors, including energy, technology, and manufacturing.

• The business must demonstrate the ability to create jobs and make a significant economic impact in the region.

Incentive Value

• Grant amounts vary depending on the project and its expected impact.

• Grants may cover costs related to infrastructure, workforce training, equipment, and other capital investments.

Application Process

Businesses must apply through WBC, submitting a project proposal that outlines expected economic outcomes, job creation, and capital investment.

Wyoming Economic Development Tax Credit (EDTC)

Overview

The EDTC is a program that provides tax credits to businesses investing in new capital and creating jobs in Wyoming.  This program is designed to encourage businesses to expand operations, create sustainable jobs, and make significant investments in the state’s economy.

Eligibility

• The business must create a specified number of new, full-time jobs in Wyoming.

• The business must make qualifying investments in facilities, equipment, or technology.

• The business must meet other performance-based criteria, including wage standards and local economic impact.

Incentive Value

• Businesses can receive up to 20% of their qualifying investment as a tax credit.

• The credit is applied against the business’s state income tax liability, which can significantly reduce the overall tax burden for companies investing in Wyoming.

Application Process

Interested businesses must apply through WBC, providing detailed plans for job creation, capital investments, and expected economic impact.

Wyoming Research and Development (R&D) Tax Credit

Overview

The Wyoming R&D Tax Credit encourages businesses to invest in research and innovation by offering tax credits for qualifying research and development activities.  This program is aimed at fostering growth in technology, biotechnology, and other research-driven industries.

Eligibility

• The business must engage in eligible R&D activities within Wyoming.

• The R&D must lead to the development of new or improved products, services, or technologies.

Incentive Value

• The R&D Tax Credit offers businesses up to 10% of qualifying R&D expenditures.

• The credit applies to wages, materials, and contract costs associated with research activities.

Application Process

Businesses must apply through the Wyoming Department of Revenue, providing detailed documentation of R&D activities and expenditures.

Wyoming Opportunity Fund

Overview

The Wyoming Opportunity Fund provides financial assistance to businesses that are creating jobs and expanding in rural areas of the state.  The fund supports projects that contribute to economic growth, particularly in underserved regions, by providing loans and grants for job creation and infrastructure improvement.

Eligibility

• The business must be located in a rural area of Wyoming.

• The business must demonstrate a positive impact on the local economy, including job creation, infrastructure development, or technology advancement.

Incentive Value

• Financial assistance may include low-interest loans, grants, or forgivable loans.

• The amount of funding depends on the scope of the project and its expected economic impact on the community.

Application Process

Businesses must apply through WBC, providing project details, including job creation projections and infrastructure needs.

Wyoming Film Tax Credit

Overview

Wyoming offers a Film Tax Credit to encourage film and media production in the state.  The program provides tax credits to qualified film and television productions that incur significant expenditures in Wyoming, thereby supporting local businesses and job creation in the film industry.

Eligibility

• The production must meet minimum spending thresholds for in-state expenditures, including hiring local talent and renting equipment.

• The production must take place within Wyoming and meet the state’s requirements for eligible expenses.

Incentive Value

• Productions can receive up to 15% of qualified production expenses as a tax credit.

• The value of the credit depends on the amount spent on eligible in-state activities such as wages, set construction, and location fees.

Application Process

Film producers must apply to the Wyoming Film Office, providing documentation of production expenditures and local spending.

Wyoming Renewable Energy Tax Credit

Overview

To support clean energy projects, Wyoming offers tax credits to businesses involved in renewable energy production.  This program is designed to incentivize businesses to invest in renewable energy sources, such as wind, solar, and geothermal power, to reduce the state’s carbon footprint and enhance energy independence.

Eligibility

• The business must be involved in renewable energy production or energy efficiency projects.

• The business must meet environmental and regulatory standards for clean energy projects.

Incentive Value

• Businesses can receive up to 30% of their renewable energy project costs as a tax credit.

• The credit applies to capital investments in renewable energy systems, equipment, and infrastructure.

Application Process

Businesses must apply through the Wyoming Department of Environmental Quality or WBC, providing detailed project plans and environmental impact assessments.

Wyoming Investment and Economic Diversification Tax Credit

Overview

The Wyoming Investment and Economic Diversification Tax Credit is designed to encourage businesses to make investments that diversify the state’s economy.  This program provides incentives for businesses that invest in new technologies, renewable energy, and other sectors that contribute to long-term economic growth.

Eligibility

• The business must make a qualifying investment in an eligible project that supports economic diversification.

• The investment must create new jobs and contribute to the long-term sustainability of the state’s economy.

Incentive Value

• The program offers tax credits of up to 25% of qualifying investments.

• The credit can be applied to a variety of expenditures, including equipment purchases, facility construction, and research activities.

Application Process

Businesses must apply through WBC, providing information about the investment, job creation projections, and the economic impact of the project.