Granby collects highest ever sales tax revenue in July
July was the best sales tax month in the history of Granby.
According to a report prepared by Finance Director Sharon Spurlin, Granby collected $410,090 in sales tax in July. Sales tax revenue collected year to date is 23% higher than sales tax revenue collected for the same eight months in 2018.
And it’s not the only place where Granby is seeing growth. Eight months into 2019, use tax revenue is 142% more than it was at the same time last year, according to the report. In fact, the use tax has generated more year to date than any other year except 2006 and 2007.
Combined sales and use tax are already at 71% of what the town has budgeted for all of 2019 only two thirds of the way through the year.
This increase in revenue is due in part to the U.S. Supreme Court’s Wayfair decision. The Wayfair decision requires businesses collect sales taxes at the point where the products are going. About 3% of July’s revenue can be attributed to this change, Spurlin said.
Granby sales tax has been increasing consistently every year except for 2010. While the July increase is a large jump, the steady growth in sales and use taxes will likely continue for this year.
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