Albany – New York State Senator Michael F. Nozzolio (R/C- Fayette) reminded New York consumers today that the State Sales tax will drop from 4.25% to 4% beginning June 1, 2005. The reduction in the State Sales tax will save an estimated $560 million over the next year.
“The huge savings for New Yorkers from the state sales tax reduction will increase economic activity in our State and help to create jobs,” Senator Nozzolio said. “I am extremely pleased that this tax cut is going to be enacted and will help New York’s overburdened taxpayers keep more money in their pockets.”
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 a sunset of a tax measure 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.