Sales Tax Revenue Drops 10% In NY, More Than 2009 Recession
ALBANY, N.Y. (AP) — New York State Comptroller Thomas DiNapoli says sales tax collections in the state dropped by 10% in 2020 compared to 2019.
That’s more than in the 2009 recession, when collections dropped 6%.
Sales tax revenue dropped most sharply in the second quarter as Gov. Andrew Cuomo closed non-essential businesses statewide.
Collections plummeted 27.1% from April to June compared to the previous year.
Drops in sales tax collection in New York City fueled much of the state’s losses.
The city saw a 35% drop from April to June, then a roughly 20% dip for the rest of the year.
LOOK: A history of Black representation in movies