Local Sales Tax Collections Slowing Says Report
ALBANY---(WENY) New York State Comptroller Thomas DiNappoli has released a report on the growth of our local sales taxes. He says local sales tax collections in New York grew by $450 million in 2012. That's only a 3.3% increase from 2011. The report finds that sales tax collections have fluctuated quite a bit since the Great Recession in 2008 and 2009.
DiNappoli says the trends are pointing in the wrong direction and people across New York are still feeling the after shocks from the recession. He also says slow growth in sales tax revenue is just adding to the pressure of already strained local budgets. DiNappoli's Report also found slower growth in regions suffering from storm recovery.
Sales Tax Collections saw a boost here in the southern tier with purchases related to recovery from Hurricane Irene and Tropical Storm Lee.