Lower than projected income tax collections in May and June caused New York State Comptroller Thomas DiNapoli to voice concern about the economy and state revenues in a fiscal report his office issued today.
Overall tax collections beat projections through the first quarter of the state’s fiscal year, DiNapoli said. But that was due to high collections in April as the state settled tax liabilities from the previous year.
General Fund personal income tax collections totaled $7.6 billion through the first three months of the fiscal year, which was $92.3 million higher than budgeted projections. However, personal income tax revenues in May and June fell below projections by a combined $244.5 million.
The first quarter’s personal income tax collections also trailed collections during the same period last year. Personal income tax collections were down 3.3 percent, or $262.2 million.
“Revenue collections in the first quarter were unpredictable and growth appears to have slowed,” DiNapoli said in a news release. “As has happened repeatedly in recent years, unexpected changes in the economy are creating a drag on forecasted revenues. The state must remain vigilant about managing our budget given the challenge of an uncertain economy.”
General Fund tax collections totaled $11.4 billion for the quarter. That was $83.1 million more than projected in the state’s budget but $347.7 million lower than the same period last year.
The comptroller’s entire first-quarter fiscal update is available online at http://ow.ly/cuTEb.
Contact Seltzer at rseltzer@cnybj.com