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New York State Tax Receipts Surge to $12.9 Billion Over Forecast

Jan. 15, 2022, 6:16 PM

New York state tax revenue soared to $84.4 billion in the first nine months of the fiscal year, $12.9 billion more than forecast, bolstered by a business tax established in April as a work-around for federal limits placed on state and local tax deductions, state Comptroller Thomas DiNapoli said.

New York collected $10.2 billion from a “pass-through entity” tax, DiNapoli said in a news release Friday evening. He cautioned that taxpayers paying the pass-through tax are expected to reduce their personal income tax payments by similar amounts, and the December results may not reflect those offsetting reductions, “clouding our revenue ...