(WNY News Now) – Albany, NY – State Comptroller Thomas P. DiNapoli reveals a modest 0.3% year-over-year growth in local sales tax collections for January, reaching nearly $1.9 billion statewide. DiNapoli urges caution in revenue projections for 2024 as overall growth slows compared to the previous year.
“Year-over-year growth in local sales tax collections has slowed significantly, with a nearly flat increase this January compared to last year when inflation was more than twice as high and New York City’s taxable sales were surging,” DiNapoli said. “With overall growth having moderated over the course of 2023, local officials should remain cautious in their sales tax revenue projections for 2024.”
In January 2024:
- New York City’s collections totaled $873 million, an increase of 3.5%, or $29 million, from a year earlier.
- County and city collections in the rest of the state totaled $910 million, a decrease of -2.8%.
- Fewer than half (27 of 57) of counties experienced year-over-year increases.
These monthly sales tax collections are from the cash distributions made to counties and tax-imposing cities by the state Department of Taxation and Finance, and the amounts are based on estimates of what each municipality is due. In the third month of each calendar year quarter, these distributions are adjusted upward or downward, so that the quarter as a whole reflects reported sales by vendors. The next quarterly numbers (for January to March) will be available in April.
Table
Monthly Local Sales Tax Collections by County and Region
Leave a Reply