New York sees another month of strong sales tax revenue

New York’s statewide sales tax collections continued their positive trend for the fourth straight month, as the $1.58 billion generated last month marked an increase of more than 21.2% from July 2020.

The latest data came from a news release from New York State Comptroller Thomas DiNapoli this week.

The increase, of course, was aided by reduced commerce from a year ago as the initial wave of the COVID-19 pandemic was subsiding. However, it was still better than an 11% improvement from the revenue raised in July 2019.

DiNapoli, in a statement, credited the jump due to the rebounding economy and growth in job figures. But, even though the outlook remained sunny, he pointed out there were some clouds lingering ahead.

“New York’s local governments are seeing much stronger collections in 2021,” he said. “However, with recent increases in infection rates occurring across the state, local officials must continue to monitor changing economic conditions and maintain vigilance when it comes to their finances.”

Not only did sales tax revenue increase in every county, but it also grew in every county by a double-digit percentage, with Wayne County in the Finger Lakes topping the charts at 35.7%.

In New York City, sales tax proceeds jumped 14.2% to $649 million, representing an $81 million hike from the previous year.

Regionally, the Finger Lakes posted the largest increase in July as Wayne County and its eight neighbors enjoyed a 30.2%, or $17.8 million, increase to $76.9 million.

Through the first seven months of the year, the state has reported $10.77 billion in sales tax revenue, up 19.1% from the same time frame in 2020.

New York City reported a year-to-date total of $4.31 billion, up $412 million or 10.6% from 2020. Across the counties, Sullivan County in the mid-Hudson has posted a $10.3 million increase to $35.3 million. The 41% increase marks the largest gain percentage-wise in the state.

Regionally, the New York City suburbs on Long Island have posted the biggest year-to-date increase percentage-wise. Nassau and Suffolk counties reported $1.8 billion through July this year, up 29.7% from $1.39 billion last year.

Figures reported during the first two months of each quarter, such as July, are estimated receipts, according to the comptroller’s release. Actual figures are reported and records reconciled at the end of each quarter.

This article was originally posted on New York sees another month of strong sales tax revenue

Be the first to comment on "New York sees another month of strong sales tax revenue"

Leave a comment

Your email address will not be published.


*