In the first quarter of 2023, the state’s sales tax revenue has continued to rise but is exhibiting signs of deceleration, potentially indicating a decrease in inflation or consumer restraint due to persistently high prices.
Comptroller Tom DiNapoli’s office reported a 7% increase in revenue from the tax for local governments in New York during January, February, and March. However, the growth rate diminished from 9.2% in January and 14.1% in February to a mere 0.03% in March.
DiNapoli stated that sales tax collections remained strong in the first quarter, with New York City’s ongoing recovery from the pandemic and high inflation contributing to the statewide numbers. In the rest of the state, collection growth rates have generally returned to pre-pandemic levels.
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