Sales tax revenue continues to soar for Capital Region counties – The Daily Gazette
ALBANY – Sales tax revenue continues to rise, with May 2022 collections nearly 21% higher than May 2021 in the Capital Region.
It’s the biggest monthly increase so far this year, but the year-to-date increase for the first five months was 16.0%, according to State Comptroller Thomas DiNapoli’s office. .
A significant portion of this increase is due to inflation, which is at its highest level in four decades, increasing the cost of goods on which sales taxes are levied. Fuel prices have risen particularly rapidly, repeatedly hitting new all-time highs.
The trend swells the coffers of states and local governments that impose sales tax, although it also increases the prices they must pay for supplies.
“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 in a statement. press release accompanying its May sales tax report. “My office closely monitors the New York economy, including the impact of inflation on consumer behavior.”
Every county in the state saw double-digit growth in May, DiNapoli noted.
The Office of the Comptroller calculated the totals for May 2022 using data provided by the State Department of Taxation and Finance. Below are May 2022 revenues and the percentage change from May 2021
- Albany County $27.0M 17.3%
- Fulton County $2.3M 23.0%
- Glens Falls $355,000 26.1%
- Gloversville $403,000 15.7%
- Johnstown $383,000 14.3%
- Montgomery County $3.5M 27.5%
- Rensselaer County $9.5M 14.4%
- Saratoga County $13.5M 23.9%
- Saratoga Springs $1.1M 17.1%
- Schenectady County $10.7M 22.4%
- Schoharie County $1.7M 25.6%
- New York State $1.69 billion 16.7%
- Capital Region $78.1M 20.8%
- Mohawk Valley $29.1M 22.5%
For the first five months of 2022, the eight counties (and two cities with their own local sales taxes) in the Capital Region raised a total of $382.7 million, a 16% increase over the same period in 2021 and an increase of 29% compared to 2019. .
The six counties and four cities in the Mohawk Valley raised $142 million, a 17% increase from the same period in 2021 and a 36% increase from 2019.
The 2020 figures are not comparable, as the COVID lockdown in place this spring limited taxable sales.
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