September 24, 2013
By Stephanie West
Albany, NY – Tax revenues for the first five months of the state fiscal year were $69.8 million over updated budget projections, according to the August cash report recently released by New York State Comptroller Thomas P. DiNapoli. Year-to-date tax collections are up 10.3 percent from the same period last year, largely due to strong Personal Income Tax (PIT) collections in April. August state tax collections fell 5.1 percent from 2012, primarily because of fewer collection days than last August.
“We’ve seen robust collections in April followed by continuing strength in sales tax receipts, and nearly $550 million in unexpected miscellaneous revenues,” DiNapoli said. “Our largest in-state source of revenue, income tax withholding, is growing. However, the growth is slightly below updated projections for year-end. Much of the good news so far this year comes from one-time windfalls.”