Local sales tax collections in New York state increased by 3.9% in May compared to the same month in 2023, according to data released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.78 billion, up $66.4 million from the same time last year.
“Local sales tax growth improved in May after four straight months of either flat or modest increases,” DiNapoli said. “New York City collections continued to be the main driver of growth, although most counties also experienced year-over-year increases for the month.”
In May 2024:
- New York City’s collections totaled $783 million, an increase of 5.3%, or $39.5 million, compared to the same time last year.
- County and city collections in the rest of the state totaled $884 million, an increase of 2.6%.
- More than 80% (46 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. 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