Prosperity – Grow in Casper
With the largest industrial base in Wyoming, Casper and Natrona County’s geographical, logistical, and infrastructural configuration is well suited to serve a variety of businesses and industries. In addition to the state and national highway infrastructure, we are blessed to have the only international airport in Wyoming with a Foreign (free) Trade Zone. We have major rail facilities including a rail spur and Transload facility near the airport. This robust logistics capacity central to Casper provides many options for importing raw materials, shipping finished goods, and transporting personnel.
A key benefit of doing business in Wyoming is having no corporate or personal income tax. Besides allowing business owners to enjoy higher earnings, the lack of an individual income tax contributes to a lower cost of labor in the state.
Wyoming has consistently ranked #1 for business-friendly taxation on the Tax Foundation’s State Business Tax Climate Index every year.
Geographically, we are ideally positioned with redundant highway transportation paths – I-25 runs through Casper north to south connecting to two east/west interstates; I-90 to the north and I-80 to the south. Additionally hard surfaced state highways, architected and configured to handle large trucks and wide loads, provide additional redundant paths to the east/west and north/south directions.
The Burlington Northern Santa Fe Railroad runs directly through Casper with two railyards in the area and various rail spurs to businesses and industrial parks. Interstate-25 runs north and south through Casper connecting with I-90 to the North and I-80 to the South.
Foreign Trade Zone
Foreign Trade Zone No. 157
The Casper/Natrona County International Airport has an active Foreign-Trade Zone which comprises a total of 1,476 acres.
What is a Foreign-Trade Zone?
A Foreign-Trade Zone (FTZ) is a specific area where any form of imported merchandise may be stored, packaged, assembled, manufactured, cleaned, sorted and graded without the expense of Customs duties or taxes.
What are the benefits of a FTZ?
- Import duties are not paid until the goods leave the Zone.
- Re-exported goods are never entered into U.S. commerce and are not subject to Customs duty.
- No duty is paid on scrap, waste, or damaged goods.
- The company has the use of the duty dollars for the time the goods are in the FTZ.
- The final duty rate paid is that of the component part or of the finished article, whichever is lower.
- Products transferred from Zone to Zone are duty free.
- Most merchandise subject to quotas may be held in a Zone until quotas open.
The Tax Cuts and Jobs Act of 2017 (The Act) provides for the creation of Opportunity Zones (OZ). Opportunity Zones are census tracts that are targeted geographic districts that allows investors to receive substantial tax breaks for investment capital. Investors must invest through newly created Opportunity Funds (OF) or Reinvest capital gains from existing investments to defer/reduce capital gains. The step up in tax basis in the original investment = 10% after 5 years and 15% after 7 years. If held for 10 years or longer, investors permanently avoid capital gains tax on post acquisition gains. Casper was awarded four Opportunity Zones as depicted on the map.
Opportunity Zones are similar to Section 1031 exchanges but there are some important differences as shown on the chart below.
Need more info?
CAEDA/Forward Casper staff is here to help you and your business succeed and prosper. We are happy to provide more information upon request to help with expansion or relocation efforts. If you would like more information about the area as you look to relocate, please contact one of our business development professionals:
Riata Little – email@example.com
Sabrina Forman – firstname.lastname@example.org