Revenue Committee to consider tax barriers to economic diversification
Friday, June 29, 2018
SHERIDAN — As Wyoming legislative committees begin their month-long study sessions to prepare for the 2019 general session, much of the focus centers on facilitating the implementation of the recently passed ENDOW initiatives to diversify the state’s economy. But when the Revenue Committee convenes, it will confront a fundamental barrier to achieving that objective.
“For the Revenue Committee, the big barrier for us is our tax system does not support a diversified economy,” Revenue Committee House Chair Rep. Mike Madden, R-Buffalo, said. “That just simply says that the added costs that a [new] industry brings outweighs, and in some cases outweighs considerably, the state revenues we would receive.”
Dr. Robert Godby, University of Wyoming Department of Economics and Finance Director, explained that because the state has become so dependent on revenue from the energy sector, its taxes are not structured to collect revenue from other industries.
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