Senator Volker Announces State's .25 Sales Tax Portion To Be Phased Out As Of June 1st

(Albany, NY) Senator Dale M. Volker (R-I-C, Depew) today announced that New York consumers will save an estimated $560 million over the next year, because the State sales tax will drop from 4.25% to 4% beginning June 1, 2005.

"Tax relief is key to remaining competitive economically with other Mid-Atlantic and New England states," said Senator Dale M. Volker. "Our citizens demand that we lessen their tax burden. By reducing New York State’s portion of the sales tax from 4.25% to 4%, our residents will be able to keep more of their money and do with it as they see fit. The State Senate will continue to press for smart and effective ways to reduce the tax burden of our citizens. I will remain vigilant in reducing our tax burden to make our region economically competitive in order to create and retain jobs for our families and communities."

Retailers and vendors across the State have been notified of the sales tax reduction by the State Department of Taxation and Finance. The sales tax reduction reflects a sunset of a tax measure enacted two years ago and returns the State sales tax to 2002 levels.

The 2005-06 State budget included more than $155 million in tax reductions to help consumers save money and to create jobs, boost manufacturing, stop outsourcing and encourage more high tech and biotech business expansion in New York.

Savings to consumers in the below-mentioned counties have been calculated as follows:

Erie: $28,739,986

Wyoming: $740,867

Livingston: $1,330,049

Ontario: $4,010,536

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