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Large sales tax declines highlight economic downturn

The Department of Administration and Information recently issued an economic summary for the state of Wyoming which gave an overview of taxable sales in each county. Based on sales and use tax collections, total taxable sales in the state amounted to $3.3 billion in the first quarter of 2016, a decrease of 24.5 percent from the first quarter of 2015. Declines occurred in nearly every economic industry. The changes in total sales and use tax collections in Wyoming have been greatly affected by the fluctuation in mineral activities. Due to the reduction in energy activities caused by the dramatic downturn of both oil and natural gas prices, sales of equipment, supplies, and services, the mining sector experienced a year-over-year contraction of 55.1 percent for the first quarter of 2016, the steepest drop ever in Wyoming's history. [image: Inline image 1] Source: Wyoming Department of Revenue