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Counties see steady growth in sales tax collection in October

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  • Staff Report 

New York State Comptroller Thomas P. DiNapoli announced a 2.5% increase in local sales tax collections for October 2023 compared to the same month last year. This rise translates to nearly $1.8 billion in total collections, an uptick of $43.5 million from October 2022. This growth signifies a consistent pattern of moderate increases in recent months, marking the fourth consecutive month of growth between 2% and 4%.

DiNapoli noted the importance of this steady growth in local sales tax collections, emphasizing its positive implications for stability and improved revenue estimation for local officials. The return to consistent year-over-year growth patterns, reminiscent of pre-pandemic times, is seen as a sign of economic stability and a helpful factor for local governments in forecasting revenue sources.

Breaking down the figures, New York City saw a 2.6% increase in collections, amounting to $809 million, an increase of $20.7 million from the previous year. In the rest of the state, county and city collections totaled $880 million, showing a 2.2% increase. Among the counties, 45 out of 57 reported year-over-year increases. These monthly sales tax collections, distributed by the state Department of Taxation and Finance, are based on estimates and are adjusted quarterly to reflect actual sales reported by vendors, with the next set of quarterly figures due in January.

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