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Sales tax revenue up in New York

Jun 16, 2021 1:11 pm

Nick Reisman reports at New York State of Politics that New York collected 57.8 percent more sales tax collections in May over the same month a year ago. “For the second straight month, local sales tax collections had a tremendous boost. Strong collections in May show the economy continues to improve as spending rebounds from the effects of the COVID-19 pandemic and the standstill it created in New York state in March 2020,” State Comptroller Tom DiNapoli said. “Combined with direct federal assistance and restored state aid, the recovery of sales taxes will help New York’s local governments rebound from the effects of last year’s revenue shortfalls.” New York made $140 billion from the sales tax in May, an increase of $530 million from last year during the beginning of the COVID-19 pandemic. On June 15, Gov. Andrew Cuomo announced the end of most pandemic regulations in the state, as 70 percent of New Yorkers have received at least one shot of a vaccine. Read more about this story at New York State of Politics.