A law approved by the Wyoming Legislature in 2019 expanded the taxability of online sales, explained city staff to the city council. Jordan reported that since the law went into effect in July 2019 and up until the March 2020 collections to date, there has been a 159% increase in sales tax collections.
It’s estimated that at the state level, the financial impact will be around $7 million. Other notable major sector collections changes included a 10% decrease in construction, a 16% decrease in wholesale trade, and a 27% increase in manufacturing.
As explained in the city’s FY21 recommended budget, the general fund is financed through collections of taxes and other non-exchange revenues over which the city has little direct control. Specifically, over 75% of general fund revenue comes from intergovernmental sources “governed by formulas and/or limits enacted by Wyoming statute.” This, in addition to “historically low tax collections in Albany County, combine to form a limited revenue base for General Fund operations.”
For more information: Laramie BoomerangLaramie boomerang
By ALEJANDRA ROBINSON
May 21, 2020