N.Y. Taxes Exceed Projections But Are Sending ‘Mixed Signals’

New York state tax receipts exceeded expectations in the first quarter, but some are showing “signs of weakness” that are complicating the state’s fiscal outlook, Comptroller Thomas DiNapoli said Monday.

Receipts totaled $27.6 billion through the first quarter of the state’s 2023-24 fiscal year, $450.8 million higher than estimates released in the Budget Division’s enacted financial plan. Still, the collections were $6.8 billion lower than the same quarter last year.

Despite the higher-than-estimated collections, “the economy is sending mixed signals that cloud the state’s fiscal outlook,” DiNapoli said in a statement. “While inflation has eased and hiring has held ...