New York Tax Collections Below Estimates

New York tax collections rose slightly during the first 10 months of the state's 2015 fiscal year, but are below estimates, according to new report released by State Comptroller Thomas DiNapoli.

The January state cash report announced by DiNapoli on Feb. 23 showed tax collections through the first 10 months of the fiscal year, which began on April 1, 2014, rose 1% from the previous year to $58.9 billion. This is $367.3 million below the state's latest estimates because of lower than expected personal income tax collections, according to the report.

"Tax revenues coming into the state have been generally on track this year, but last month's tax collections fell short of expectations," DiNapoli said in a statement. "With two months left in the state's fiscal year, this is a trend to watch closely."

The $9.2 billion in state tax receipts collected in January were down 1.3% from the year-earlier period, according to DiNapoli. PIT receipts, the state's largest source of tax revenue, totaled $37.4 billion for the first 10 months of the current fiscal year and are up 0.6%. DiNapoli said year-to-date collections from PIT were $467.6 million below the state's latest financial plan projections, but $301.4 million higher than initial estimates made last April.

Moody's Investors Service upgraded New York's general obligation and personal income tax ratings to Aa1 from Aa2 last June citing improved governance and finances.