New York consumers will save an estimated $560 million over the next year as a result of a scheduled drop in the state sales tax from 4.25 percent to 4 percent beginning June 1, 2005.
"When we imposed the .25 percent bump as a temporary measure to help the state get through a tough time, we said it was temporary and set a date for its expiration. The reduction is not deferred, delayed or defeated," Senator James L. Seward said.
"This is about shaving back what the state takes from its citizens and keeping the promise we made that the tax would sunset. New York’s hardworking, overburdened taxpayers deserve a break and the drop in the state sales tax will help them keep more money in their pockets when they go to the store," Seward added.
Retailers and vendors across the state have been notified of the sales tax reduction by the state Department of Taxation and Finance. The sales tax reduction reflects the expiration of a temporary rise enacted two years ago and returns the state sales tax to 2002 levels.
The 2005-06 state budget included more than $155 million in tax reductions to help consumers save money and to create jobs, boost manufacturing, stop outsourcing and encourage more high tech and biotech business expansion in New York.
"Sales taxes hit the family pocketbook every day -- clothing, toiletries, motor oil and toys for the kids -- not to mention the impact of the sales tax on the purchase of a car. But it goes down June 1, and that's good news for families," Seward added.
A LISTING OF SALES TAX SAVINGS BY COUNTY:
Chenango $ 1,002,572
Total staying in the 51st District - $ 9,181,407