Friday, August 14, 2020

NYS Office of the Comptroller - DiNapoli: State Tax Revenues Down $3 Billion Through July

 

State tax receipts of $26.4 billion through the first four months of the state fiscal year were $3 billion, or 10.2 percent, below the same period last year, according to the July cash report issued today by State Comptroller Thomas P. DiNapoli.

“The shift of the tax filing deadline from April to July this year added to the revenue damage created by the COVID-19 pandemic,” DiNapoli said. “July numbers show more clearly the extent of the budgetary damage from the pandemic, which is driving both unanticipated spending and declining tax receipts. Washington’s continued delay on further federal response leaves the state, local governments, nonprofits and others with increasingly difficult questions on how to maintain the services New Yorkers need during this national emergency.”

Other items of note in the report:

  • Personal income tax (PIT) collections totaled $18.9 billion through July, $1.4 billion, or 6.8 percent, lower than a year ago. Receipts from PIT withholding were 1 percent, or $133.1 million, below the previous year, while estimated payments were 14.4 percent, or more than $1.3 billion, lower.
  • Sales tax receipts of $4 billion for the first four months were down $1.2 billion from a year earlier, a drop of 23.1 percent. The year-over-year decline in July, 8.6 percent, was the lowest since March.
  • All Funds spending through July totaled $53 billion, down $2.3 billion, or 4.2 percent, from the previous year, including a $1.8 billion decline in local assistance grants.
  • The General Fund ended the month with a balance of $14.4 billion, $7.8 billion higher than July 2019, reflecting a variety of factors including short-term borrowing authorized in the State Fiscal Year 2020-21 Enacted State Budget.

July Cash Report

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