ALBANY — Sales tax revenue continues to surge, with May 2022 collections nearly 21% higher than May 2021 in the Capital Region.
It’s the largest monthly increase yet this year, but the year-to-date increase for the first five months has been 16.0%, according to the office of State Comptroller Thomas DiNapoli.
A significant portion of this increase is due to inflation, which is running at a four-decade high, raising the cost of goods on which sales taxes are levied. Fuel prices have been growing particularly rapidly, repeatedly setting new all-time highs.
The trend boosts the coffers of state and local governments that impose sales tax, though 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 accompanying his May sales tax report. “My office is closely monitoring New York’s economy, including the impact of inflation on consumer behavior.”
Every county in the state experienced double-digit growth in May, DiNapoli noted.
The Comptroller’s Office calculated the totals for May 2022 using data provided by the state Department of Taxation and Finance. Listed below are May 2022 revenue and the percentage change from May 2021
- Albany County $27.0M 17.3%
- Fulton County $2.3M 23.0%
- Glens Falls $355K 26.1%
- Gloversville $403K 15.7%
- Johnstown $383K 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 $1.69B 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 the two cities with their own local sales taxes) in the Capital Region collected a combined $382.7 million, a 16% increase over the same period in 2021 and a 29% increase over 2019.
The six counties and four cities in the Mohawk Valley collected $142 million, a 17% increase over the same period in 2021 and a 36% increase over 2019.
2020 figures are not comparable, because the COVID lockdown in place that spring limited taxable sales.