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

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 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 ...