State tax collections are still below projections

State tax collections through December were below initial and recent projections, according to the New York State Comptroller’s Office.

Tax collections totaled $46.4 billion through December, which is $48.3 million below the state’s latest estimates and more than $685 million below initial estimates from April, according to the comptroller’s office.

“Tax collections are still not growing at the rate needed to meet year-end projections, and the boost in personal income taxes in December likely won’t continue,” Comptroller Thomas DiNapoli said in a news release. “So far the budget has been balanced by spending less and taking advantage of one-time windfalls. With the budget process about to begin again, revenue projections should be realistic so that the budget is not balanced with revenues that won’t be there.”

In order to meet current year-end projections, tax collections would have to grow more than 7 percent in the last three months of the year, DiNapoli’s office said. Current projections also do not include estimates of the potential effects of Hurricane Sandy on the budget.

Contact Tampone at ktampone@cnybj.com