Franchise Tax

Wyoming Franchise Tax Information

Wyoming technically doesn’t have a “franchise tax” (in name only), but Corporations, LLCs, and LPs registered in Wyoming must pay an “Annual Report License Tax” that closely resembles franchise tax filings in other states.

The Annual Report License Tax in Wyoming is charged regardless of profitability, and uses a calculation of total assets in the state of Wyoming. It is typically filed by an accountant given the amount of financial data required, balance sheet information in particular (similar to Schedule L of IRS Form 1120, 1120S, or Form 1065 for partnerships).

If you don’t file your Annual Report in Wyoming, your state registration can be dissolved.

How to file the Annual Report License Tax in Wyoming

The Annual Report License Tax is submitted with the Wyoming Annual Report. Annual Reports are due on the first day of the anniversary month of registration.

Annual Reports can be filed online for an additional convenience fee (which is less than $10 and depends on the total amount owed). However, when paying over $500 of license fees (equivalent to having over $2.5M of assets in Wyoming), the annual report cannot be filed digitally and must be mailed. The blank Annual Report forms can be downloaded from Wyoming’s Secretary of State website.

Calculating the Annual Report License Tax

If a company has $300k or less assets in Wyoming, it will pay the minimum License Tax of $60. Everyone else requires a calculation. 

Wyoming provides a worksheet to assist in the calculation of its License Tax. In order to calculate the amount of tax owed, calculate your total asset value in Wyoming by filling in the worksheet, and multiplying the resulting dollar value by 0.0002. 

As described above, the minimum License Tax is $60. “License Tax” and “Filing Fee” are used interchangeably on the sheet.

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