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DiNapoli reports modest rise in NY’s Q1 sales tax collections

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  • Staff Report 

State Comptroller Thomas P. DiNapoli announced that New York’s local government sales tax collections in the first quarter of 2024 increased by 1.6%, totaling $5.6 billion. This modest year-over-year growth of $87.3 million marks the lowest rate since the first quarter of 2021. The growth was primarily driven by New York City, which saw a significant resurgence in its hospitality industry.

New York City’s sales tax collections rose by 3.2%, or $79.4 million, representing over 45% of the state’s total collections for the first time since 2019. The boost reflects a nearly full recovery in the city’s tourism sector, with increases in hotel occupancy, business travel, and Broadway attendance.

Finger Lakes Partners (Billboard)

However, the rest of the state did not share in the city’s upward trend, with first-quarter collections remaining virtually flat, showing a negligible decrease of 0.03%. Some regions even saw declines, with Westchester County being an exception, achieving the strongest growth at 12.7%. This mixed picture highlights the uneven economic recovery across different parts of New York.

Categories: New York StateNews