Printer Friendly

SALES TAX RATES TOP 8 PERCENT FOR FIRST TIME; 150 U.S. CITIES ADD NEW SALES TAX IN '92

 BERWYN, Pa., Jan. 13 /PRNewswire/ -- Average sales tax rates at the state, county and city level reached record levels in 1992, according to statistics released today by Vertex Inc., a Berwyn-based tax software and research firm.
 The average combined (state/county/city) sales tax rate rose above 8 percent (8.007 percent) for the first time ever. In '91, the average combined sales tax rate was 7.865 percent.
 At the state level, the average rate for the 45 states that charge a sales tax rose from 5.021 percent in 1991 to 5.068 percent in 1992. The average county-level rate rose from 1.304 percent in '91 to a rate of 1.378 percent, and the average city sales tax rate increased from 1.540 percent in '91 to 1.561 in '92.
 "The most significant trend we are seeing with the sales tax rates is that cities are becoming more aggressive in adding new sales taxes or increasing their existing sales tax," said Jon Riewe, vice president of research for Vertex Inc.
 In '92 there were 150 cities which added a sales tax. In addition, there were 351 sales tax rate changes at the city level, which represents a 50 percent increase over '91 figures, according to Vertex statistics.
 "Cities are being given more freedom by their state governments to act independently in raising revenues," explained Riewe. "With so many states being financially strapped and needing a larger portion of available revenues to fund their operations, they are allowing cities to raise or add their own sales taxes."
 Other significant sales tax findings by Vertex include:
 -- A total of 788 U.S. jurisdictions either changed existing or added new sales taxes during '92.
 -- Nine states changed their state sales and use tax rates in 1992. With the exception of New Jersey and Minnesota, all increased their rates.
 -- Counties added 116 new sales taxes and had 142 rate changes in '92.
 Vertex Inc. is the nation's leading supplier of state and local tax research information and automated tax compliance systems for sales, property, payroll, and telecommunications taxation. Based in Berwyn, Vertex has regional offices in Chicago, Atlanta, Dallas and San Mateo, Calif.
 /delval/
 -0- 1/13/93
 /CONTACT: Alex Smith of Vertex, 215-640-4200/


CO: Vertex ST: Pennsylvania IN: SU: ECO

MK-MP -- PH005 -- 4362 01/13/93 09:26 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1993
Words:391
Previous Article:ALCOA TO CLOSE ONE LINE AT WASHINGTON SMELTER
Next Article:WESTON FORMS ENVIRONMENTAL ENGINEERING VENTURE IN ITALY
Topics:


Related Articles
SALES TAX RATES AT AN ALL-TIME HIGH
SALES TAX RATES CONTINUE TO RISE; 60 U.S. CITIES ADD NEW TAXES THIS YEAR
SALES TAX RATES RISE TO HIGHEST LEVEL; 382 U.S. CITIES INCREASED SALES TAXES IN '93
1995 TRENDS: SALES TAX RATES RISE TO HIGHEST LEVEL; 459 U.S. CITIES INCREASE SALES TAXES
Vertex Inc. Reports 1996 Sales Tax Trends: Average Sales Tax Rates Reach Record High; 487 U.S. Cities Increase Sales Taxes
1998 Sales Tax Trends: Average Combined Sales Tax Rates Reached Record High Says Vertex.
Sales Tax Rate Changes in 2001 Highest Since 1992; 2001 Sales Tax Trends.
2002 Sales Tax Trends; Sales Tax Rates Break 700-Level for the Second Consecutive Year.
2002 Sales Tax Trends; Vertex Study Reports Average Sales Tax Rate at a 21-Year High.
Vertex Study Finds Sales Tax Rates Level Off.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters