October 8, 2009                                                         

Weitzman says 3rd quarter sales tax gives rise to optimism for the 4th quarter

Sales tax numbers show leveling off

Nassau County Comptroller Howard Weitzman said today that the County’s third quarter sales tax reconciliation check, in the amount of $35.3 million shows that Nassau’s sales tax drop may be leveling off. With this latest sales tax check adjustment check for the quarter, the County is down 5.1% from last year’s third quarter check, bringing the County’s quarterly collections to $247 million.

At the end of the second quarter the County’s sales tax receipts were down 9.5% from 2008.  

 “It looks like the anxiously-awaited end to the sales tax decline may have arrived just in time to give us hope for the holidays,” said Comptroller Weitzman.

The County total sales tax receipts for the year are $662.1 million, $58.7 million less than last year at this time.

According to the New York State Department of Tax and Finance, the third quarter sales tax check included $2.7 million from the “Cash for Clunkers” program.

“During the third quarter, sales tax from auto sales increased over last year’s as a result of the ‘Cash for Clunkers’ program,” said Weitzman.

Total cash collections since January 1, 2009 are down statewide by 7.99%, Suffolk down by 8.58 %, Westchester by 12.37 % and New York City down 11.63%. Nassau County’s total cash collections for the year are down 5.11 %.

Sales tax accounts for 38% of the County’s revenues.