Why Wyoming’s Tax Climate is So Friendly to Business Parks

On the surface, there may be many reasons to look at business parks in large urban areas as potential places to relocate or open a new location. But if you think that those are the only places where your business can succeed, then think again!

Despite its small population, Wyoming offers many perks for businesses who are relocating or opening new branches - particularly if you’re looking for a tech park. In addition to its cool weather, productive workforce, educated populace, and high quality of life, Wyoming also has one of the most business-friendly tax climates in the entire United States.

In fact, the Tax Foundation has honored us with its “Most Business Friendly Tax Climate” designation for five years in a row. Here’s why:

  1. Programs Beneficial to Tech Parks

Technology is a staple of our society and has made millions of jobs and lives easier and more fulfilling. In Wyoming, we want to help technology businesses grow, thrive, and continue to innovate. There are several statewide programs that are designed specifically for new businesses and tech parks, including the Data Center Sales Tax Exemption, and the Managed Data Center Cost Reduction Grant Program.

The Data Center Sales Tax Exemption is exactly what it sounds like: data centers are exempt from the burden of sales tax on goods and services. To qualify for this exemption, your data center must have a minimum $5 million investment in capital infrastructure, and an additional $2 million in data center equipment and software purchases.

As an additional perk, after a $50 million investment in capital infrastructure, your HVAC and UPS system purchases are also sales tax exempt. In helping your business reduce its tax burden, the state of Wyoming hopes to encourage continued growth and expansion, job creation, and economic boosts to its communities.

Taxes aside, Wyoming also has the Managed Data Center Cost Reduction Grant Program to help alleviate the financial burdens of the businesses in its tech parks. It’s expensive to be in business, and this program helps mitigate some of the costs associated with data centers in particular: power and broadband.

Simply stated, the program reimburses the accrued utility expenses for power or broadband at data centers - up to a maximum grant award of $2.25 million! (Note: the grant amount is based on how much capital investment and payroll the business will realize over five years.) Like many of the state’s other business-friendly programs, there are several things a business needs to do to qualify.

First, the business must match at least 125% of the grant amount in payroll and capital expenditure, and 50% of that match must be in payroll creation. Additionally, the wages paid out to employees must be greater than 150% of the county’s median wage. This helps ensure that businesses are investing their money in places that will help both themselves and their communities experience long-term growth.

2. Low Overall Tax Burden

Not only is Wyoming one of the most friendly states in the Union in which to own a business, but it also has one of the lowest tax burdens period. Here are some of the tax benefits of living, working, and opening or relocating a business here:

  • No corporate income tax -that’s right: ZERO.

  • No personal state income tax

  • No inventory tax

  • No franchise tax

  • No occupation tax

  • No value-added tax

By and large, our state senators and representatives are hardworking people who have spent time in the business world and have a thorough understanding of how it works. Because of that, we generally enjoy a positive regulatory environment that’s geared toward economic growth and development.

Successful businesses are important to a healthy state and an excellent quality of life for its residents. When studying places to start, relocate, or expand a business into, don’t forget to take Wyoming’s tech parks and business-friendly tax policies into account.

Industrial Buildings For Sale in Laramie, Wyoming

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When you think about tech hubs of the nation, the first places that come to mind are larger cities (and areas like Silicon Valley, for example.) At first glance, Laramie may not seem to hold all that many advantages, but that’s where you would be wrong.

First, Laramie has been blessed with an abundance of chilly weather. Though the locals would debate whether the cold is a blessing or not, it does come in very useful for keeping data centers cool in an affordable way. Additionally, it’s located within a day’s drive from both Denver, Colorado and Salt Lake City, Utah - both of which are poised to become U.S. tech hubs within a few short years.

Plus, we offer something bigger cities just can’t: an abundance of affordable space.

The Cirrus Sky Technology Park is located on the ridgeline above the town of Laramie. With gorgeous, panoramic views and easy access to the rest of the town, it truly is some of the most prime real estate in the area. There’s plenty of space to spread out, which is perfect for industrial buildings of all types. As of August 2018, only two buildings in the Cirrus Sky Technology Park have been completed. With more than 40 lots available, it’s an understatement to say the Cirrus Sky still has a lot of room for growth.

At the moment, there are no pre-built industrial buildings for sale within the boundaries of the Cirrus Sky Technology Park. However, there are plenty of lots zoned for industrial buildings available for sale. These lots come in all shapes and sizes and are available at very affordable prices.

Additionally, Wyoming has a large number of available grants for businesses that are wanting to build on these lots. Both our state and local communities support entrepreneurship and the growth of small businesses. On the flip side, we are also excited to be an attractive place for larger firms that want to expand their scope.

Part of what makes Laramie so alluring is that we are home to the University of Wyoming, which means that every semester, there is a fresh group of freshly-graduated workers who are looking for good jobs. Businesses can use that as a great way to recruit talent to their organization.

Aside from the University of Wyoming, Laramie boasts a host of technical facilities and resources that can be useful to technology businesses. These facilities include the Energy Innovation Center, which boasts six state-of-the-art, ultramodern laboratory spaces. In addition, Laramie also boasts the Engineering Education and Research Building, which will be yet another state-of-the-art STEM building on the University’s campus. It is scheduled to open in the fall of 2019. We also have the High Bay Research Facility, a recently completed facility that features easily reconfigurable research spaces and specialized equipment. Finally, there’s the Michael B. Enzi STEM Facility, which provides a huge boost to the local research and education scene.

With its prime real estate and STEM resources, Laramie is ready for your business’s new industrial building!