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On January 30, 2026, the Wyoming Legislature unveiled a comprehensive tax reform package designed to increase state revenue and address budget shortfalls. The package, which was developed in response to years of declining revenues from the energy sector, includes a combination of new taxes and changes to existing ones.One of the key components of the tax reform package is a new corporate income tax that will be levied on businesses operating in Wyoming. The tax will be based on a company's profits and is expected to generate significant revenue for the state. In addition, the legislature also approved an increase in the state sales tax rate, which will now stand at 5.5%.To offset the impact of these new taxes on lower-income residents, the tax reform package includes provisions for an earned income tax credit and expanded exemptions for low-income individuals and families. These measures are intended to ensure that the burden of the new taxes falls more heavily on businesses and wealthier individuals.In addition to these new taxes, the tax reform package also includes changes to existing taxes, such as adjustments to the property tax system and increases in fees for certain government services. The legislature hopes that these changes will help to stabilize the state's revenue stream and ensure that essential services can continue to be provided to residents.Overall, the tax reform package represents a significant shift in Wyoming's tax policy and is aimed at diversifying the state's revenue sources. The legislature expects that these changes will help to address the state's budget deficits and set Wyoming on a more stable financial path for the future.The tax reform package is set to go into effect on July 1, 2026, and lawmakers are already working on implementing the necessary changes to the state's tax code. Residents and businesses in Wyoming are encouraged to familiarize themselves with the new tax laws and prepare for the impact that these changes may have on their finances.