Tax revenue dropped slightly in the first half of New York’s fiscal year, Comptroller Thomas DiNapoli said today.
The state collected $31.6 billion in taxes through Sept. 30, which is $72.1 million, or 0.2 percent, lower than collections during the same period of the last fiscal year. It is also $213 million below budget projections — projections that were already lowered in June.
“Tax collections continue to lag behind expectations,” DiNapoli said in a news release. “We are not seeing the level of growth in tax revenues that is needed to meet year-end projections, even though targets were lowered. The economic recovery continues to be weak and financial risks remain. The state must proceed with caution and carefully monitor revenue and spending.”
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Collections would need to increase by 6.4 percent for the rest of the fiscal year to recover from the unrealized revenue, according to DiNapoli.
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