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Monday, March 26, 2012

NY Sales Tax Exemption to be Restored

ALBANY, NY – Senator Catharine Young (R,C,I – 57th District) is applauding the restoration of a long-awaited state sales tax exemption for all clothes and shoes less than $110.

Sales tax varies by state with New York setting its state sales tax at four percent. Counties receive at least an additional three percent of sales tax. The state will now exempt its portion of the sales tax, which Senator Young said has been in place for far too long.

“This tax hike on clothing was put in place by New York City politicians when they controlled all of state government and raised taxes and spending by $14 billion, hurting taxpayers and stifling economic growth. I voted against their outrageous tax-and-spend policies, including this sales tax increase. This exemption is a common sense approach to relieving our overburdened taxpayers ,” Senator Young said.

The full exemption for purchases of shoes and clothes under $110 will go into effect April 1. It is an extension of the 2011 tax phase-out that offered tax relief for clothing purchases under $55.

“Increasing the exemption level to $110 is a welcome break to our hard-working residents. It is a critical step for our families who have struggled to afford essential clothing and footwear throughout the economic downturn. Not only will the exemption foster a positive environment for economic growth and level the playing field for our retailers, it will encourage our consumers to purchase from their neighborhood stores and shopping centers,” Senator Young added.

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