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NY Tax Collections Lower Than Last Year

taxNew York’s comptroller reports that state tax collections of $24.2 billion for the first four months of this fiscal year are down $1.1 billion from last year and more than $500 million below initial budget projections.

In his July cash report, Comptroller Thomas DiNapoli says that’s primarily from income tax collections that were lower than expected.

The report shows total state receipts, including miscellaneous and federal receipts, have declined $1.5 billion from last year, with drops in both taxes and court settlement revenue while federal funds increased.

Total receipts for the four months were nearly $48 billion.

State spending was just over $47 billion, or about $2.3 billion higher than last year, mainly from increases for public health programs and Medicaid.


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