Taxes

Local sales tax collections in New York State grew by $450 million in 2012, an increase of only 3.3 percent from 2011, according to a report issued Thursday by State Comptroller Thomas DiNapoli. New York City had a slightly better growth rate of 3.5 percent.

A study commissioned by convenience stores concluded smokers don't pay taxes on half of all the cigarettes they smoke in New York State. The study says the state loses at least $1.67 billion in tax revenue on those cigarettes, which are bought at Indian reservations, military bases, duty-free or in states where taxes are lower. That doesn't include black-market and counterfeit cigarettes. Read Mor

Residents of the city of Norwich are upset with a proposed tax rate of 9.84 percent for 2013.

The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-services online registration page.

The Washington D.C.-based tax foundation made some waves earlier last week when it handed New York State a last place spot in its national rankings of the tax-friendly or unfriendly states.

Less than one month remains until the Oct. 15 the deadline for 560,000 New Yorkers who requested a six-month extension to file their 2011 individual income tax returns. Nationwide about 10.5 million taxpayers requested an automatic six-month extension this year.

State Comptroller Thomas DiNapoli says weak tax revenues in May and June, coupled with increasing indicators of softening in the economy, indicate a need for heightened caution through the remainder of New York State’s 2012-13 fiscal year.