The Town of Jones passed a new sales tax earlier this year, and one full month of collections has been distributed to the Town at the new rate (The November check included estimated payments.). Year-to-date, the town is 31.1% above the prior year revenues, totaling $605,097.14 for the first six months of the Fiscal Year. Prior to the sales tax increase going into effect, the Town was already seeing positive growth in revenues. The July – November checks, which do not include the new sales tax rate, were $83,942.36 over the same months in the prior year.
Looking at NAICS data for sales tax remittance, it appears that seven categories contribute to a majority of the increase. Other Building Material Dealers was 26% over last year. The increase is likely due to new housing developments around town that draw in sales tax revenue through building supplies. Because sales tax is charged at the point of delivery, and not the point of sale, any building materials delivered into Jones will be subject to the Jones sales tax rate. This accounted for $15,585.86 of the increase. Electric Power Generation collections were also above last year by 14%, or $6,584.50. The most drastic increase in sales tax remittance was under the Gasoline Stations with Convenience Stores. Remittance in the first six months of this year is 198% over the remittance for the same period last year. July – December collections totaled $13,568.26 in FY 21, and they totaled $40,473.17 in FY 22. One final note, the Other Communications Equipment Manufacturing has only been remitted one time, in the month of December 2021. It totaled $11,707.57, which represented 9.2% of the entire remittance for December.