Sales USD 1 million below forecast

According to its finance commissioner, Putnam County collected about $1 million less in sales tax than expected in the first six months of 2024.

Michael Lewis told the county assembly’s audit committee on July 29 that the reduction was due in part to an exemption the county granted from sales tax on clothing and footwear that went into effect March 1. Through March 1, 2026, clothing and footwear sold for less than $110 will be exempt from Putnam’s 4 percent sales tax. Putnam missed out on $435,000 in taxes on $11 million in eligible purchases between March 24 and May 24, Lewis said.

However, sales tax collected in June was $200,000 higher than last year, he noted. Putnam collected $88.4 million in sales tax in 2023 and budgeted $77.5 million for 2024. Unlike most counties in the state, Putnam does not share its sales tax revenue with its municipalities.