The New York state government hauled in $8.6 billion in tax collections in April, up 25.2 percent from the year-ago period. Collections were also almost $86 million higher than projections from the state’s enacted budget, mainly because of growth in personal income-tax (PIT) collections that likely won’t last, according to a report issued today by New York Comptroller Thomas P. DiNapoli.
“The state’s new fiscal year started strong but we are unlikely to see PIT collections continue at this pace,” the state comptroller said in a news release.
“The growth in these collections comes primarily in April tax settlements from individuals who accelerated income to avoid federal tax changes that took place in January. Economic signs are mixed, and while the financial markets are strong, the state must watch spending and trends carefully.”
The state’s general fund closing balance of $6.4 billion at the end of April was $71 million lower than enacted budget projections. That’s because $120 million in higher than anticipated tax receipts were more than offset by $191 million in higher than expected spending, according to DiNapoli.
Other findings from the comptroller’s report include:
– General-fund receipts (including transfers from other funds) of $8.2 billion through April were 27 percent higher than receipts from the same period last year.
– General-fund tax collections totaled just under $6 billion, up 24 percent from a year ago, and $127.5 million higher than budget projections.
– General-fund PIT collections in April totaled $5 billion up by nearly 30 percent from the year-prior period, and $53 million higher than projections. Again, the comptroller attributes this to people booking income in 2012 to avoid higher federal tax rates that went into effect on high-income people in 2013.
– General-fund business-tax collections totaled $355.1 million through the end of April, up $150 million from the same period a year earlier, and $18.1 million higher than enacted-budget projections.
New York Comptroller DiNapoli’s full report is available at:
http://www.osc.state.ny.us/finance/finreports/cash/
monthly/april13.pdf
Contact Rombel at arombel@cnybj.com
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