Tangible Personal Property Leases between Related Business Entities Exempt in Wyoming

Effective July 1, 2015, Wyoming has enacted a sales tax exemption for a lease or rental of tangible personal property when the lessor has directly or indirectly paid sales or use tax incidental to a lease or rental:

• between parent and closely held subsidiary corporations,
• between subsidiary corporations closely held by the same parent corporation, or
• between affiliated companies, partnerships, corporations or other business entities that are owned in similar percentages by the same persons.

For purposes of the exemption, “business entity”means and includes an individual, partnership, corporation, corporate division, joint stock company, or any other association or entity, public or private, or separate business unit thereof. For purposes of the exemption, “closely held subsidiary corporation” means a corporation in which the parent corporation owns stock possessing at least 80% of the total combined voting power of all classes of stock entitled to vote and owns at least 80% of the total number of shares of all other classes of stock. (Ch. 44 (H.B. 52), Laws 2015, effective July 1, 2015)