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New York's tax revenues up over expectations, but less than last year

Apr 17, 2023 12:55 pm

Nick Reisman reports for New York State of Politics that there is good news and bad news for New York taxpayers, as state Comptroller Tom DiNapoli's office reported $2.9 billion more tax revenue than expected for the fiscal year that ended April 1, but $9.5 billion less than the previous year. DiNapoli said, “The financial position of the state remains on a solid footing, for now.... While tax collections have exceeded projections, they were considerably lower than last year. Although easing, inflation continues to present challenges to economic growth. State policymakers should ensure that the enacted budget for State Fiscal Year 2023-24 commits additional resources to the state’s reserve funds to improve long-term financial stability.” Sales taxes and business taxes collected by New York increased by almost a billion dollars each. Read more about this story at New York State of Politics.

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