Local sales tax revenues rise as inflation increases
Local sales tax collections in New York state increased by 16.7% in May compared to the same month in 2021.
That’s according to new figures released Wednesday by NY State Comptroller Thomas DiNapoli.
He said that overall, local collections totaled $1.7 billion, up $242 million from May of last year.
“Sales tax collections for most local governments were quite strong in May, as consumers continued to face higher prices for goods and services in the state,” DiNapoli said. “My office is closely monitoring New York’s economy, including the impact of inflation on consumer behavior."
DiNapoli said that every county also experienced double-digit growth in collections, at least partially due to recent high inflation, including soaring gas prices.
In Monroe County in May, sales tax collections rose 19.2%, totaling $51.5 million, up around $8 million compared to May of 2021.