NY State Fiscal Year Tax Receipts Beats Estimate by $2.9 Billion

<-rte-company state="{"_id":"00000187-8fa3-d690-a987-efa7be7b0000","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">New York state collected $111.7 billion in tax revenue in the fiscal year ending March 30, $2.9 billion higher than the forecast released by the state division of budget at the beginning of the month, state comptroller <-bsp-person state="{"_id":"00000187-8fa3-d690-a987-efa7be7b0001","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Thomas DiNapoli said.

• Fiscal year tax revenue fell $9.5b below last year’s collections which were bolstered by a surging stock market and booming Wall Street profits and bonuses
• In addition to lower bonuses this year, personal income tax receipts declined because the state accelerated the final phase-in of middle-class tax rate cuts and partnerships claimed credits related to a pass-through entity tax
  • Personal ...