(Albany, NY) – Today, the New York State Senate Select Committee on Budget and Tax Reform released a staff report detailing how the State’s sales tax is failing to keep pace with economic and technological trends.
The sales tax, which then-Governor Nelson A. Rockefeller passed in 1965 to provided added aid to municipalities and schools, is being impacted by economic, technological and political trends. These trends — examined in the report — include:
· the shift from an industrial-based economy to a service-based economy;
· rampant growth in sales tax exemptions and credits;
· uncollected sales tax revenues because of mail order and Internet sales.
File:
SalesTax Report