Sales tax revenue up throughout region in 2019
Feb 10, 2020 1:15 pm
MidHudsonNews [dot] com is reporting the Hudson Valley region of New York logged the largest percentage increase in sales tax in the state between 2018 and 2019, according to a new report from the office of state Comptroller Thomas DiNapoli. At 7.4 percent growth, the Valley outpaced the Southern Tier at 6.8 percent and the North Country at 5.9 percent, and was way ahead of the Capital District at 4.3 percent. Within the Capital District, Greene County saw an increase of 5.8 percent for a total of $34.62 million in sales tax revenue in 2019; Columbia County collected a total of $44.7 million the same year, an increase of 3.8 percent. Rensselaer County saw the greatest increase in the Capital District at 8.4 percent, for a total of just under $96 million. The Comptroller's office said the economic climate in 2019 was generally positive for sales tax growth and the labor market was stable with continued employment and wage growth. Consumer spending also held up throughout the year. A factor that lessened sales tax growth was the decrease in the price of gas for the first time since 2016. Taxes collected from gas sales are a significant element of local sales tax revenue. Read the full story at MidHudsonNews [dot] com.