Tax Collections Exceed Expectations in New York State
New York State collected approximately $8 billion over its projected tax revenues in the third quarter of its current fiscal year leading to just under $80 billion in total tax collections.
New York State Comptroller Thomas DiNapoli recently announced the revenues via a press release. “Tax collections continued to exceed projections through December,” DiNapoli said. “However, concerns of an economic downturn and a cloudy revenue picture continue to create uncertainty. These conditions reinforce the importance of increasing rainy day reserve funds on or ahead of the schedule proposed in the Financial Plan.”
The tax collections breakdown include $42 billion in personal income tax, $15 billion in in consumption and use taxes, $19 billion in businesses taxes, according to the comptroller's release.
The State’s General Fund ended December with a balance of $49.4 billion, $9.7 billion higher than projected and just under $18.8 billion higher than last year at the same time, the release said.