Wyoming: Tax-Friendly State

There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming: the mountains, the rivers, two national parks, three ski resorts, art galleries, restaurants, a charming Western-style downtown, and a close-knit, philanthropic-minded and fun-loving community.

As enviable as our lifestyle is here, reality does intrude occasionally, as it does with taxes. But even in that area, we as Wyoming residents are better off than most. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country. This is largely due to the State of Wyoming’s budget surplus of nearly $1 billion. Tax savings help us stretch our hard-earned dollars farther, whether to buy real estate, leave property to our heirs or buy a new mountain bike.

Wyoming’s Fiscal Responsibility

While many states are wrestling with how to close widening budget deficits, Wyoming lawmakers are determining where to park the state’s surplus. Wyoming is a leading mineral producing state and gets significant revenue from natural gas, coal and other minerals. The Wyoming state budget surplus is more than $1 billion.

Recently reported by the Denver Branch of the Federal Reserve Bank, the current condition of Wyoming’s economic health and prospects for recovery look promising. Here are a few observations:

• After the contraction of 2009, Wyoming has added more than 3,000 jobs through August 2010
• Residential construction in Wyoming one of the leading states in the U.S.
• Population and labor force losses remain minimal
• Retail activity is improving
• Wyoming is well positioned for economic health entering 2011