Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

N.Y. Revises Sales Tax

NEW YORK -- New York City shoppers found bargains Wednesday in sweaters, slacks and other garments as the 8.25 percent combined city and state sales tax was eliminated for nearly all clothing and shoes at $110 or less - this time, for good.

The tax cut will cost the city $237 million in revenue in the coming fiscal year, Department of Finance officials have estimated. But New York City Mayor Rudolph Giuliani predicted the repeal would discourage New York shoppers from crossing the Hudson River to avoid the tax.

In a classic example of one hand giving and the other taking away, Wednesday was also the day that the state tax on a pack of cigarettes went up by 55 cents, to a total of $1.11, the highest of any state. As the new tax took effect, newsstands that used to get $3.65 to $3.85 a pack began charging $4.50 to $5.