Comptroller concerned as state tax collections are far below projections

CAPITAL REGION, NY (WRGB) — We are now more than a month and a half into the new NYS fiscal year, and NYS Comptroller Thomas DiNapoli has some concerns.

Earlier this month DiNapoli reported that "state tax collections in April totaled just over $10.9 billion, a $7.2 billion, or 39.9%, decrease from last April, and $4.4 billion lower than projections in the Division of the Budget’s 2024 Updated Executive Budget Financial Plan..."

A big part of the problem -- personal income tax collections. In April those totaled $7.5 billion, 49.4% below last year. A decline had been expected the Comptroller says, but not that big of a drop.

We'll keep you updated as the numbers keep coming in.