Wyoming Sales Tax Rebate
Wyoming A new law took effect on January 1, allowing businesses collecting sales tax to keep up to 1.95% of that tax each month. Businesses must file by the 15th of each month to qualify for the money.
The Department of Revenue has sent information to those businesses collecting sales and use tax that includes detailed instructions.
You can keep 1.95% of the amount if your tax due for the month is under $6,250. You ca
n keep 1% of the total above that amount, up to a max of $500 per month, for each sales tax vendor.
A national study was conducted by Pricewaterhouse Coopers showing the average cost to small businesses of collecting the tax was 13.47% of the tax they collected. For larger companies, the cost goes down 3%. The study identified debit and credit card fees on sales tax and unrecovered sales tax paid due to bad debts as two highest component costs.
Details can be found online at http://revenue.state.wy.us or by calling (307) 777-7961. Credit will be reported on Forms 41 and 42, which you can find on the website. The new line added to both forms has been titles Vendor Compensation Credit.