A 2018 Supreme Court ruling may be a factor causing a spike in New York City’s sales tax revenue in 2020, an official city budget watchdog said.
The city could see a $467 million sales tax increase for 2020, a 6% rise from 2019 that would bring the total to $8.3 billion, according to a Dec. 23 fiscal analysis by the Independent Budget Office. Sales tax revenue, which made up 13% of all city tax collections in 2019, usually grows every year, except in recessions, the IBO said.
But expanded taxation of online purchases following the ...