New York state tax collections are up 13% in the first four months of the state's fiscal year compared to the year before, according to the office of New York State Comptroller Thomas DiNapoli.
The increase in tax collections for all New York government funds was primarily due to an increase in personal income tax receipts, DiNapoli's office said in its July cash report. PIT collections jumped 18% in the period, largely through a jump in estimated tax collections in April rather than through any increase in withheld taxes over the four months.
"The latest numbers confirm our expectation that such strong gains would not continue though receipts from sales tax and business taxes remain strong," DiNapoli said in a statement.
At the end of July, the state's General Fund closing balance was $4.4 billion or $10.2 million lower than the first quarterly update of the Financial Plan had projected.