State tax receipts significantly higher than projections
October 16, 2026 – State tax receipts totaled $68.5 billion through the middle of State Fiscal Year (SFY) 2027, $7.3 billion higher than estimates by the Division of the Budget (DOB). State tax collections were also $8.6 billion higher than those through September 2025, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.
“Higher state tax collections, particularly personal income and business tax receipts, are partially a result of financial market growth,” DiNapoli said. “As noted in my recent report, Wall Street profits have increased significantly in the first half of the year. However, consumer costs keep rising and many families are still struggling. While strong financial market growth bodes well for some, we must ensure the economy works for all New Yorkers.”
Personal income tax (PIT) receipts totaled $36.4 billion and were $2.5 billion above DOB’s financial plan projections through the second quarter. PIT receipts were also $2.9 billion higher than the same period in SFY 2026; all components of the PIT have shown strong growth.
Year-to-date consumption and use tax collections totaled $12.7 billion which was 7.2%, or $855.4 million, higher than the same period last year, and $421.8 million higher than anticipated by DOB’s financial plan. Sales tax receipts, the largest share of these taxes, increased by $840.8 million, or 7.8%, through September. Business taxes, which include collections from the Pass-Through Entity Tax, totaled $17.6 billion, $4.6 billion higher than collections through September last fiscal year and $4.1 billion higher than DOB financial plan projections.
All Funds spending through September totaled $130.1 billion, which was over $10.2 billion, or 8.5%, higher than last year for the same period, primarily due to higher Medicaid costs. All Funds spending through September was $927.4 million, or 0.7%, lower than DOB projected. State Operating Funds spending through September totaled $73.2 billion, $7.4 billion, or 11.2% higher than last year and $2.3 billion, or 3%, lower than DOB projected.
The state’s General Fund ended September with a balance of $63.9 billion, $9.7 billion, or 17.9%, higher than projected primarily due to higher than anticipated tax collections and lower than anticipated spending and $6.3 billion, or 10.9%, higher than last year at the same time.
Report
Related Report
Report on the Enacted Budget and Financial Plan: State Fiscal Year 2027
Posted: October 16th, 2026 under Business News, General News, State Government News, Statewide News.