NEW YORK, NY — New York Mayor Michael Bloomberg and Council Speaker Christine Quinn agreed on a plan to raise $887 million by increasing the city sales tax rate and repealing an exemption for clothing purchases of less than $110.
The proposals, requiring Legislature approval, would boost the sales tax to 8.875 percent from 8.375 percent. The plan also would apply the charge to electricity and natural gas purchases from non-utility companies, according to Bloomberg.
Mayor, City Council Speaker Agree on Sales Tax Hike
NEW YORK, NY — New York Mayor Michael Bloomberg and Council Speaker Christine Quinn agreed on a plan to raise $887 million by increasing the city sales tax rate and repealing an exemption for clothing purchases of less than $110.
The proposals, requiring Legislature approval, would boost the sales tax to 8.875 percent from 8.375 percent. The plan also would apply the charge to electricity and natural gas purchases from non-utility companies, according to Bloomberg.