Total state-tax collections through the first quarter of the state’s fiscal year 2014-15 were $1.3 billion higher than projections from the New York State Division of the Budget (DOB).
The collections figure “largely” reflects growth in business-tax receipts and increased personal-income tax collections in June.
That’s according to a report on state finances that New York State Comptroller Thomas DiNapoli issued Thursday.
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Personal-income tax (PIT) collections continue improving after April’s decline, and the state is now in a “relatively strong” cash position, DiNapoli said in a news release.
“The state’s sizable influx of one-time revenue from legal settlements also has significantly improved the state’s finances, but how this money will be used is still up for debate,” said DiNapoli.
DiNapoli’s report on the state’s first-quarter results found that year-to-date tax collections declined $632.3 million, or 3.3 percent, compared to receipts for the same period last year. The collections are “primarily reflecting” a $1.6 billion drop in PIT collections in April and May, but higher than DOB projections.
Tax receipts rebounded during the month of June, coming in $762.9 million higher than collections from the year-ago period, DiNapoli’s office said.
Through the first quarter of the fiscal year, sales-tax collections have increased 2.7 percent.
Collections in other taxes have increased 9.9 percent and miscellaneous receipts have increased about 22 percent, due to $785 million in financial settlements.
The state received $50 million from MetLife, $20 million from AXA Equitable, and $715 million from Credit Suisse, according to DiNapoli’s office.
A settlement with BNP Paribas generated another $2.2 billion on July 20 after the close of the first quarter. DiNapoli’s office also expects an additional $1.3 billion from the same settlement, with $298 million anticipated for the chemical-dependency fund.
Sales-tax collections have increased 2.7 percent, but DOB projects the collections to increase 3 percent by year-end.
PIT withholding has increased 4.7 percent so far, but must rise 5.3 percent by year’s end to match financial-plan projections, the office said.
Receipts collected in the general fund (including transfers from other funds) totaled more than $18 billion through the first quarter, representing an increase of 3.5 percent, or $629.6 million, from a year earlier.
Contact Reinhardt at ereinhardt@cnybj.com
