New York’s $2.4 Billion Tax Receipts Exceed Projections
New York State’s tax receipt collections exceeded expectations through the first half of the 2022-23 fiscal year, according to a report by New York State Comptroller Thomas DiNapoli.
In a report released last week, the comptroller says New York collected $58.4 billion in taxes, a $2.4 billion bump from projections. Three out of four tax categories surpassed receipt projections including personal income tax and consumption & use taxes.
Through the first half of the current fiscal year, personal income tax (PIT) totaled $33.2 billion exceeding the Division of Budget’s latest projections. Despite the current growth, the PIT receipts were $2.6 billion lower than the same period in the previous fiscal year.
The current year-to-date consumption and use tax collections, which includes sales tax, totaled $10.3 billion, a 5.3% increase from the same time last year and a $130 million increase over projections for this year.
New York’s General Fund ended September with a balance of around $50 billion, $4.8 billion higher than the projected total and $30 billion more than the same period last year, the report states.