NY State Tax Receipts Beats Estimate by Over $2 Billion

New York state collected $106.4 billion in tax revenue in the fiscal year ending March 30, more than $2 billion higher than projected in the financial plan released by the state budget division in February, state comptroller Thomas DiNapoli said.

• Fiscal year tax collections fell $5.2b below last year, in part due to a decline in personal income tax receipts resulting from lower middle-class tax rates and timing of payments
• Personal income tax receipts totaled $53.8b, or 8.4% lower than prior year collections
• Sales and use taxes totaled $21.9b, exceeding last year’s total by $1.3b or 6.2%
• Business tax collections ...