New York state’s tax revenue fell by $1.5 billion in June, a 17.3% drop from the previous year, according to state comptroller
- June tax receipts were $475m below state Division of Budget projections: DiNapoli
- State spending though June was $6.3b below financial plan projections as the state withholds payments to local governments in response to fiscal uncertainty
- “All eyes are on Washington. New York and its localities badly need more federal aid if they are to respond fully to the COVID-19 crisis,” DiNapoli said
- Unemployment insurance payments in June totaled about $13.5b, compared with $135.6m a year earlier ...