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Tax Revenue

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Tourists Spent Record-Breaking Amount On Long Island Last Year, Report Shows Tourists Spent Record-Breaking Amount On Long Island Last Year, Report Shows
Tourists Spent Record-Breaking Amount On Long Island Last Year, Report Shows It appears tourists just can’t get enough of Long Island. Travelers spent a record-breaking $7.5 billion across Nassau and Suffolk counties in 2023, according to data from New York State’s annual Tourism Economics report.  That figure far surpassed 2022’s record-breaking spending of $6.6 billion by 12.7 percent. Tourists spent the most, 36 percent, on food and beverages, followed by lodging at 20 percent, the report found. Retail and service stations added another $1.2 billion, or 16 percent of total spend. Suffolk County saw the biggest increase in tourism dollars in 2023, with 15.6…

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by Michael Mashburn
News
3K Foreign Contraband Cigarettes Seized, Destroyed By USPS In NY, Other States: Officials 3K Foreign Contraband Cigarettes Seized, Destroyed By USPS In NY, Other States: Officials
3K Foreign Contraband Cigarettes Seized, Destroyed By USPS In NY, Other States: Officials Around 3,000 packages of foreign contraband cigarettes bound for Connecticut, New York, and other states have been found and destroyed by the US Postal Service since the beginning of the year, officials said.  According to Connecticut Attorney General William Tong, the seizures were a result of a settlement between the USPS and several states in August 2022 that forced the Postal Service to destroy untaxed foreign cigarettes instead of returning the illegally-mailed packages back to the sender.  Of the 3,000 cigarette packages destroyed since the beginning of 2023, 44 had bee…

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by Ben Crnic
News
New York State Collects $542M In Mobile Sports Betting Tax Revenue In Less Than 10 Months New York State Collects $542M In Mobile Sports Betting Tax Revenue In Less Than 10 Months
New York State Collects $542M In Mobile Sports Betting Tax Revenue In Less Than 10 Months New York State has collected more than half a billion dollars in mobile sports betting tax revenue since it became available in the state in January. As of the week that ended on Sunday, Oct. 30, the State collected $542 million in taxes, surpassing all other states across the country, Gov. Kathy Hochul announced on Wednesday, Nov. 9. Hochul said the State also collected an addition $200 million in licensing fees, generating more than $740 million in revenue, which is mainly set to be used for education. "By bringing sports wagering to New York, we have not only opened the door to responsi…

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by Nicole Valinote
News
Nearly $2B In Bets Placed In NY In First 30 Days Of Mobile Sports Betting Nearly $2B In Bets Placed In NY In First 30 Days Of Mobile Sports Betting
Nearly $2B In Bets Placed In NY In First 30 Days Of Mobile Sports Betting In the first 30 days since mobile sports betting launched in New York, nearly $2 billion in bets have been taken in the state. Gov. Kathy Hochul made the announcement on Monday, Feb. 14, saying $1.98 billion in wagers were taken in the state, a figure larger than any other state has reported. She said the betting is set to generate more than $70 million in tax revenue for the state over the first month. Mobile sports wagering launched in New York on Saturday, Jan. 8. "Over the past month, we've seen how mobile sports wagering can be an economic engine for New York, driving significant fun…

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by Nicole Valinote
Lifestyle
COVID-19: Here's Percentage Of Six-Figure Earners In NYC Who've Considered Relocating COVID-19: Here's Percentage Of Six-Figure Earners In NYC Who've Considered Relocating
Covid-19: Here's Percentage Of Six-Figure Earners In NYC Who've Considered Relocating Of the 53 percent of New York City employees that earn six figures and work from home, 44 percent have considered leaving the Big Apple within the past four months for less expensive pastures, according to a brand-new Siena Poll, citing the risk of COVID-19, economic concerns and their newfound ability to work at home. Eighty percent of the city's tax revenue is taken from earners making over $100,000 per year, making the possibility of a mass flight from the boroughs making the city vulnerable to tax erosion. Of this bracket, according to the survey, 37 percent have intentions to leave the …

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by Christina Coulter