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Home News

New York’s Sales Tax Revenue Expected To Fall By $111 Million

Aayat AlibyAayat Ali
October 20, 2021
in News
Reading Time: 1 min read
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New York Sales Tax Revenue Expected To Fall By 111 Million

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New York City’s sales tax revenue is anticipated to fall by around $111 million annually due to the growing number of remote workers.

The findings from the City Comptroller Scott Stringer may seem staggering at first glance, but Stringer says that this will be offset by the $7 billion in sales tax revenue the city is expecting next year.

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However, small businesses are still expected to be impacted by slower sales as more people spend time at home and reduce the amount they are spending in businesses surrounding their office.

“While there may be some spending changes from taxable categories such as lunch at restaurants to tax-exempt purchases such as groceries, at the same time spending shifts could also occur from tax-exempt purchases, such as bus and subway rides, to purchases of taxable items such as home office goods,” the report said.

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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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