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Modest increase in local sales tax collection in February 2024

In February 2024, New York state witnessed a slight 1.6% increase in local sales tax collections compared to February 2023, as announced by State Comptroller Thomas P. DiNapoli. The total collections amounted to $1.67 billion, marking an increase of $26.8 million from the previous year. Despite the overall growth, this upturn was primarily attributed to New York City, while nearly all other regions saw declines.

DiSanto Propane (Billboard)

New York City led with a notable 5.7% increase in collections, contributing an additional $40.7 million, whereas collections in counties and cities outside the city saw a 2.2% decrease. A majority of counties, 37 out of 57, reported a drop in year-over-year collections, indicating varied economic activities across the state.

Comptroller DiNapoli emphasized the importance of these figures for local government budgeting, highlighting the modest growth amid fluctuations in different regions. The detailed quarterly report, expected in April, will provide further insights into the state’s economic health and local government finances.

Categories: New York StateNews