DiNapoli: State tax receipts remain above budget division projections through mid-year!
State tax receipts totaled $59.9 billion through September, the middle of State Fiscal Year (SFY) 2025-26, $702.2 million higher than financial plan estimates from the Division of Budget (DOB), according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.
“Higher state tax collections largely stem from robust personal income tax collections, fueled by continued income growth in 2025,” DiNapoli said. “But the federal government shutdown and other policy shifts in Washington could weigh heavily on New York’s economy and revenues over the remainder of the state’s fiscal year.”
State tax collections through September were $5.2 billion higher than those through the same period last year. Personal income tax (PIT) receipts totaled $33.5 billion, nearly $4.6 billion higher than the same period in SFY 2024-25, reflecting, in part, strong collections in 2025. PIT receipts were $756.5 million above DOB’s financial plan projections.
Year-to-date consumption and use tax collections totaled $11.9 billion, 4.9%, or $554.8 million, higher than the same period last year, and $253.4 million higher than DOB anticipated. Sales tax receipts, the largest share of these taxes, increased by $544 million, or 5.3%, through September. Business taxes, which include collections from the Pass-Through Entity Tax, totaled nearly $13 billion, $43.5 million lower than through September in the prior fiscal year and $352.6 million lower than DOB’s projections.
All Funds spending through September totaled $119.9 billion, almost $7.5 billion, or 6.7%, higher than last year for the same period, primarily due to higher Medicaid costs. All Funds spending through September was $1.1 billion lower than DOB projected, primarily due to lower capital projects spending. State Operating Funds spending through September totaled $65.8 billion, $5.3 billion, or 8.7% higher than last year and $1.2 billion lower than DOB projected.
The state’s General Fund ended September with a balance of $57.6 billion, $4.1 billion higher than DOB projected and $5.2 billion higher than last year at the same time, primarily due to higher than anticipated tax collections and lower than anticipated spending.
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Posted: October 15th, 2025 under State Government News, Statewide News.