Local sales tax collections in New York state increased by 11.9% in July compared to the same month in 2021, according to an analysis released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.8 billion, up $188 million as compared to July of last year.
“Statewide local sales tax collections growth continued to be strong in July, despite the participation of many counties in the gas tax holiday,” DiNapoli said. “However, it is important that local officials continue to monitor economic factors that impact overall sales tax revenues."
New York City’s collections totaled $776 million, an increase of 19.5% – or $127 million – over July of 2021. A majority of counties saw some year-over-year growth in July collections, with Schuyler County experiencing the largest increase at 19.6%, followed by Cattaraugus (13.3%) and Yates (12.6%). Conversely, Monroe County saw the steepest decline (-4.6%).
Monthly sales tax distributions made to counties and tax-imposing cities are based on estimates by the Department of Taxation and Finance. 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 July-September) will be available in October, and will be the first to reflect the sales tax impact of the gas tax holiday on a county-by-county basis.
Table
Monthly Local Sales Tax Collections by County and Region (for detailed monthly breakdown)
No comments:
Post a Comment