Sales tax revenue continues to soar for Capital Region counties

Sales tax revenue continues to soar for Capital Region counties

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…
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