This week: New York’s Governor signs sales tax extension, Georgia sees increased state tax revenue, and Arizona benefits from sales tax debate.
Cuomo signs sales tax rate extension but not hike
Gov. Andrew Cuomo signed into law extensions of the current sales tax rates for a number of counties Tuesday, including Essex and Franklin, but a 0.25 sales tax increase requested by Essex County never left committee.
With the state Legislature now not in session, that hike will likely not pass this year.
Essex County Board of Supervisors Chairman Randy Douglas, D-Jay, said Thursday that the county would try again next year and that he hopes Cuomo will consider it then. Cuomo has said repeatedly he would oppose any tax increases. —Adirondack Daily Enterprise
Georgia Beats Revenue Projections
Georgia’s economy showed fresh signs of life on Wednesday as tax collections for the fiscal year that ended June 30 beat budget projections, allowing the state to begin to restock its rainy day fund.
State money managers reported on Wednesday that tax collections are up 8 percent from the previous year, an increase of $1.1 billion. That’s above the projected growth of 4 percent for the year. The increase was fueled by a 9 percent rise in individual income tax collections, and a nearly 7 percent increase in net sales tax collections. Corporate income tax revenues dipped 2 percent for the year. —Forbes.com
Arizona Benefits from Internet Sales Tax Debate
The National Conference of State Legislatures last year estimated Arizona could gain as much as $708 million in 2012 by taxing more Internet, Home Shopping Network, catalog and other out-of-state sales.
Arizona shoppers have an incentive to shop online and avoid paying sales tax because sales taxes in many cities already exceed 10 percent. —AZCentral.com