Local Sales Tax Collections See Slight Uptick in May
New York State collected $1.71 billion in sales tax receipts for the month of May, more than $18 million compared to the same time last year, according to a report from New York State Comptroller Thomas DiNapoli.
The growth, although slight, marked the third consecutive month the state saw an increase in sales receipts. The report stated that the growth had been kept to just under 2%.
“Modest growth in local sales tax collections could be challenging for local officials trying to maintain fiscal balance,” DiNapoli said via a press release. “Being prepared for a slowdown is especially important in this uncertain economy.”
Comparing May 2023 with May 2022, New York City’s collections increased by 3.3%, or $23.5 million, while the collections of county and city receipts throughout the rest of the state saw a decrease of 1.8%. In all, 47 out of the 57 upstate counties experienced "some" year-over-year decline, with Franklin County seeing the largest decline at 11.4% and Rockland County experiencing the strongest growth at 7.2%, the report said.