New York Sales Tax Revenue Up 3%

By August 20, 2014 Uncategorized

The New York Tax Department just released the statistics for FY 2014 which ended June 30, 2014.  Total revenue received was almost $67 Billion!!  Personal income tax was 64.3% and State sales tax was 21%.  The remaining revenue came from corporate tax, property tax, excise tax, and fees.

Nationally, sales tax represents about 38% of total state revenue, but that percent is skewed by the states like Texas, Florida, and Tennessee which rely on sales tax for the bulk of their revenue.  Still, 21% is a pretty significant percent of state revenue to come from the sales tax.  In reviewing the stats from the past 10 years, sales tax actually contributed a higher percent of total state revenue during 2003 and 2004 (27% for each year) than it did in 2014.  Between FY2013 and FY2014, however, the sales tax collections grew by 3% while the individual income tax collections grew by 5%.

In addition, Governor Andrew M. Cuomo recently announced that New York State will expand its Crimes Against Revenue Program, providing an additional $860,700 to 12 county district attorneys’ offices to enhance their investigation and prosecution of State tax evasion and welfare fraud cases. Six district attorneys’ offices will receive grants for the first time while six others currently receiving grants will receive additional funding.

Ned Lenhart, CPA