New York State Tax Revenue Exceeds Latest Estimate by $3 Billion

New York State collected $3 billion more tax revenue in the last fiscal year than projected by Governor Andrew Cuomo two months ago, boosted by strong personal income tax receipts, state Comptroller Thomas DiNapoli said.

However, collections for the budget year ending March 31 were $82.4 billion, which is $513.3 million lower than the prior year, as social distancing and lockdowns due to the coronavirus depressed sales tax revenue.

“The state’s year-end financial position was significantly better than anticipated,” DiNapoli said in a statement Thursday. “We face a long road to recovery, and the state’s economy still faces serious challenges, ...