Local sales tax collections in New York state increased by 0.3% in January compared to the same month in 2023, according to data released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled nearly $1.9 billion, up $4.8 million from the same time last year.
“Year-over-year growth in local sales tax collections has slowed significantly, with a nearly flat increase this January compared to last year when inflation was more than twice as high and New York City’s taxable sales were surging,” DiNapoli said. “With overall growth having moderated over the course of 2023, local officials should remain cautious in their sales tax revenue projections for 2024.”
In January 2024:
- New York City’s collections totaled $873 million, an increase of 3.5%, or $29 million, from a year earlier.
- County and city collections in the rest of the state totaled $910 million, a decrease of -2.8%.
- Fewer than half (27 of 57) of counties experienced year-over-year increases.
