Sales and use tax collections up 14.1% in FY 2023

CHEYENNE (WNE) — Wyoming’s total sales and use tax collections in fiscal year 2023 expanded at a strong pace, according to the state of Wyoming Economic Analysis Division’s annual publication “Wyoming Sales, Use, and Lodging Tax Revenue Report.”
Total sales and use tax collections for FY 2023 reached $1.2 billion, an increase of 15% from the previous year. The state-imposed 4% tax collection grew 14.1%, the second consecutive year of a double-digit growth.
“With this strong expansion, the amount of total sales and use taxes for fiscal year 2023 reached a new record,” said Wenlin Liu, chief economist with the Economic Analysis Division, in a news release. “However, it’s still 11.1% less than FY 2015 level if measured in inflation-adjusted dollars.”
As the impacts from the COVID-19 pandemic faded, Wyoming’s economy continued to rally in FY 2023, with a lasting rebound in oil and gas drilling, robust payroll job additions, low unemployment rate and strong income growth. Compared to FY 2022, nearly every major industrial sector experienced an increase in sales and use tax collections.
Across the state, year-over-year statewide sales and use tax collections increased in 22 counties, led by Converse (42.6%) and Carbon (34.9%) counties. Albany, Campbell, Niobrara and Sublette counties each experienced over 20% increases.
Total lodging tax collections (including the statewide lodging taxes), $57.1 million for fiscal year 2023, were down slightly from the $59.1 million collected in the previous year, or -3.4%.