Local sales tax collections in New York state increased by 1.5% in April compared to the same month in 2022, according to an analysis released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.74 billion, up $25.8 million compared to the same time last year.
“Year-over-year sales tax growth has slowed from its recent inflation-fueled rise, and from the spikes seen during the pandemic recovery,” DiNapoli said. “April collections were likely affected by a number of factors, including lower gas prices and moderating inflation. Sales tax collections typically fluctuate month to month, and slower overall growth will mean more local governments may see declines. Good cash management practices will help them weather unexpected shortfalls in collections.”
For April 2023 compared with April 2022:
- New York City’s collections totaled $756 million, an increase of 4.1%, or $30 million.
- Most (49 out of 57) counties experienced some year-over-year decline.
- Livingston County had the largest decline at 20.6%.
- Rockland County experienced the strongest growth at 7.9%.
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 April to June) will be available in July.
Table
No comments:
Post a Comment