DiNAPOLI: STATE TAX RECEIPTS THROUGH FIRST QUARTER EXCEED FINANCIAL PLAN PROJECTIONS BY $1.7 BILLION
State tax receipts totaled $34.4 billion through the first quarter of State Fiscal Year 2022-23, exceeding the Division of the Budget’s (DOB) Enacted Budget Financial Plan forecast by $1.7 billion, according to the monthly State Cash Report released by State Comptroller Thomas P. DiNapoli.
“The revenue news for New York was positive for the first quarter,” DiNapoli said. “However, economic headwinds are increasing, and may alter the trajectory for the remainder of the fiscal year. Bolstering rainy day reserve funds on or ahead of the schedule included in the Enacted Budget Financial Plan should be a priority.”
State Tax Collections Through June 30
(in millions of dollars)
Personal income tax (PIT) receipts totaled $21.6 billion and were $1.7 billion above DOB’s financial plan projections through the first quarter. However, PIT receipts were $540.5 million lower than the same period in SFY 2021-22, reflecting, in part, the effects of the Pass-Through Entity Tax (PTET), which allows certain taxpayers to make business tax payments rather than personal income tax payments.
Year-to-date consumption and use tax collections totaled $5.1 billion, including $4.7 billion from the sales tax, which were 9.1% or $387 million higher than the same period last year, and $61.1 million higher than DOB anticipated. Business taxes totaled $6.8 billion, over double those through June in the prior fiscal year, but $80 million below financial plan projections. The large year-over-year increase is primarily the result of $2.8 billion in collections from the PTET in the month of June.
All Funds spending through June totaled $49.5 billion, which was $3.1 billion, or 6.7%, higher than last year for the same period. All Funds spending through June was $4 billion lower than financial plan projections, primarily due to lower than anticipated spending for local assistance payments. State Operating Funds spending totaled $27.4 billion, $1.4 billion, or 5.5%, higher than last year and $1.4 billion lower than projected.
The State’s General Fund ended July with a balance of $43.8 billion, $28.3 billion higher than last year at the same time, reflecting, in part, an influx of federal pandemic relief funds, and $3.8 billion higher than projected, primarily due to higher than anticipated tax collections and lower than anticipated spending.
Report
Related Report
State Fiscal Year 2022-2023 Enacted Budget Financial Plan report
Posted: July 15th, 2022 under Business News, State Government News.