DiNAPOLI: LOCAL SALES TAX COLLECTIONS GREW BY OVER 14% IN FEBRUARY COMPARED TO LAST YEAR
Local sales tax collections in New York state increased by 14.1% in February compared to the same month in 2022, according to an analysis released by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.64 billion, up $203 million compared to the same time last year.
“While local sales tax collections continue to experience major growth in 2023, future collections may not grow at such a fast pace,” DiNapoli said. “With the nation and the state facing significant economic challenges, local governments should exercise caution and use responsible budgeting practices.”
New York City’s collections totaled $718 million, an increase of 11.6%, or $74.5 million, over February of 2022. All counties experienced strong increases in February collections, with most seeing double-digit growth. Albany County had the largest increase at 48.8%, followed by Columbia (29.1%) and Yates (26.8%) counties. Onondaga County had the smallest growth at 8.9%.
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.
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Local sales tax collections in New York state increased by 14.1% in February compared to the same month in 2022, according to an analysis released by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.64 billion, up $203 million compared to the same time last year.
“While local sales tax collections continue to experience major growth in 2023, future collections may not grow at such a fast pace,” DiNapoli said. “With the nation and the state facing significant economic challenges, local governments should exercise caution and use responsible budgeting practices.”
New York City’s collections totaled $718 million, an increase of 11.6%, or $74.5 million, over February of 2022. All counties experienced strong increases in February collections, with most seeing double-digit growth. Albany County had the largest increase at 48.8%, followed by Columbia (29.1%) and Yates (26.8%) counties. Onondaga County had the smallest growth at 8.9%.
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.
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