April 4, 2012
Around Town – By Neal Tepel
Speaker Sheldon Silver joined with Ed Gindi, owner of the downtown Manhattan Century 21 department store, and members of the Manhattan business community on Sunday April 1, 2012 to announce that New York State will no longer collect sales tax on clothing and footwear under $110.
“Shoppers in New York State will now pay zero state sales tax on clothing, shoes and related items that cost $110 or less,” said Silver at a press conference the first day of the new exemption April 1st. “I first proposed eliminating the state sales tax back in 1995 to help working families afford the clothing needed for work and for school. I re-introduced the idea following 9/11 as a way to revitalize our city’s retail economy. Sales tax free weeks in the past were very successful for working families, for our retail outlets and for our economy. The sales tax exemption is good for families. It’s good for business. It’s good for New York.”
On hand with Assembly Speaker Silver to announce this tax exemption that will boost the New York City economy was Elizabeth H. Berger, president of the Alliance for Downtown New York, and Bob Zuckerman, executive director of the Lower East Side Business Improvement District. Last year, nearly 10 million tourists flocked to Lower Manhattan and the combined annual spending power of these visitors is $4.7 billion.
Eliminating state sales tax on items under $110 will certainly help increase business for retailers and increase employment.