(WNY News Now) In November 2024, local sales tax collections in New York State increased by 3%, or $53 million, over the same time the previous year. The boost was primarily driven by New York City.
New York According to figures released today by State Comptroller Thomas P. DiNapoli, local sales tax collections in New York state rose by 3% in November as compared to the same month in 2023. New York City accounted for 61.5% of the rise in local collections, which came to $1.86 billion for the month, up $53 million from the previous year.
According to DiNapoli, local sales tax rise in November was somewhat higher than the 1.9% increase thus far this year. The majority of the statewide rise can be attributed to New York City’s collections, which continue to propel expansion. However, when planning for future sales tax revenue, local governments should keep in mind that monthly collections are prone to fluctuations.
November:
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New York City s collections totaled $848 million, an increase of 4% compared to the same time last year.
- County and city collections in the rest of the state totaled $903 million, an increase of 1.8%.
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61% (35 of 57) of counties experienced year-over-year increases.
The state Department of Taxation and Finance distributes monthly sales tax proceeds to counties and localities that impose sales taxes. Estimates of what each municipality is owed are used to determine the amounts. These allocations are recalculated upward or downward in the third month of each calendar-year quarter to reflect vendors’ reported sales for the entire quarter. In January 2025, the upcoming quarterly figures (for October through December) will be accessible.