Tax revenues in New York were close to expected levels in July after coming up short in May and June, according to a new report from state Comptroller Thomas DiNapoli.
Tax collections totaled $3.9 billion in July, less than 0.1 percent above projections. Through the first four months of the state’s fiscal year, tax receipts were slightly higher than projections, but down 0.8 percent from last year.
The main reasons for the year-over-year decline were a 1.4 percent drop in personal income tax collections and a drop of $42.3 million, or 0.9 percent in consumption and use tax revenues, according to the comptroller’s report. Collections of other taxes rose $16.9 million, or 1.7 percent, through the end of July.
“New York’s fiscal picture remains tied to the strength of the economic recovery,” DiNapoli said in a news release. “The economic outlook has deteriorated in recent months and that is making New York’s revenue outlook less certain. Our month-to-month collections have been highly variable, and we need to be prepared for surprises, good or bad.”
Contact Tampone at ktampone@cnybj.com