(WNY News Now) – New York – Local sales tax collections in New York State saw only a modest increase of 0.2% in July compared to the previous year, as reported by State Comptroller Thomas P. DiNapoli.
New York State’s local sales tax collections for July totaled $1.82 billion, reflecting a modest $3.1 million increase from July 2023. Despite this slight rise, the growth rate fell short of projections, rising just 0.2% year-over-year.
State Comptroller Thomas P. DiNapoli highlighted the restrained growth, stating, “There was little growth in local sales tax collections in July compared to last year. As local officials start preparing their budgets for next year, they must set realistic expectations for sales tax collections.”
Breaking down the figures:
- New York City reported a decrease of 1.2% in sales tax collections, totaling $768 million—$9.1 million less than the previous year.
- The rest of the state saw a 1.2% increase, with county and city collections amounting to $946 million.
- Out of 57 counties, 40 experienced year-over-year increases in sales tax revenue.
These collections represent cash distributions made to counties and tax-imposing cities by the state Department of Taxation and Finance, based on estimates of what each municipality is owed. Adjustments to these distributions are made quarterly to reflect actual sales data, with the next set of figures for July-September expected in October.
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