Comptroller releases report on how much local governments depend on sales tax
Oct 06, 2020 2:45 pm
Nick Reisman is reporting for State of Politics according to a report from New York state Comptroller Tom DiNapoli, local governments statewide are heavily dependent on sales tax revenue and that revenue stream has all but disappeared amid the coronavirus pandemic. The report, released last week, pointed to the $17 billion in sales tax revenue brought in by local governments last year, accounting for nearly 10 percent of their income. Local governments outside of New York City rely even more on sales tax as a source of revenue, with counties taking in 28.7 percent of its income from sales taxes and city governments 18.9 percent. This money, in turn, helps offset other costs for local governments, including increasing property taxes. DiNapoli said. “As we work to rebuild our economy, we must also help repair the damage that has already been inflicted. Just as our Main Street small businesses can’t rebuild alone, our local governments don’t have the means to do this themselves. Direct aid from the federal government is needed to help our communities recover.” Read the full story at nystateofpolitics [dot] com.