Sales Tax Revenues in NYC Down 10 Percent
Monday, August 31, 2009
New York, NY —
Sales tax revenues in New York City plummeted 10 percent in the first seven months of this year and the rest of the state is not far behind, with sales taxes down 8.9 percent from the year before. State Controller Thomas DiNapoli says local governments may need to start adjusting their spending habits now, in case the downward trend continues.
DINAPOLI: Just like the state, if local governments are not on track to meet their budget revenues for the year, they need to make adjustments in their spending now, without placing a great burden on taxpayers.
September is considered the most important sales tax collection period, outside of the holiday shopping season, because of back-to-school shopping.