Oaks: Sales Tax Reduction Will Help Retailers and Consumers
Assemblyman Robert Oaks (R,C-Macedon) had good news today for both retailers and consumers across New York: the 4.25 percent state sales tax will drop to 4 percent on June 1, leaving the total sales tax at 8 percent when including the county portion in Wayne, Cayuga and Oswego counties.
According to Oaks, the state portion of the sales tax was raised two years ago to its current level as a way to boost state revenues. This was done with the promise the hike was only temporary. That promise will be fulfilled June 1 when the levy is returned to its previous level. Oaks called the decrease an important indication of the state’s fiscal health and commitment to business.
The Assembly minority conference has always been aggressive with scheduled tax cuts, Oaks noted, regardless of the state’s fiscal situation. Reducing the sales tax, as planned, is further proof that New York is "open for business."
"The sales tax reduction will make New York a more attractive place to shop," Oaks said. "When items are more affordable, more people will buy goods, thus energizing New York’s economy."