NYS Office of the Comptroller DiNapoli: State Tax Receipts Through First Half of Fiscal Year Exceed Projections by $2.4 Billion

State tax receipts totaled $58.4 billion through the first half of State Fiscal Year (SFY) 2022-23, exceeding the latest projections from the First Quarterly Update by $2.4 billion, according to the September State Cash Report released by State Comptroller Thomas P. DiNapoli. “Tax collections continued to run ahead of projections through September,” DiNapoli said. “However, there are economic uncertainties and risks that may impact revenue in the months ahead. Bolstering rainy day reserve funds on or ahead of the schedule proposed in the Enacted Budget Financial Plan should be a priority.”   Major findings: Personal income tax (PIT) receipts totaled $33.2 billion and were $2.4 billion above the state Division of the Budget’s (DOB) latest financial plan projections through Sept. 30. However, PIT receipts were $2.6 billion lower than the same period in SFY 2021-22, reflecting, in part, the effects of the Pass-Through Entity Tax (PTET), which allows certain taxpayers to make business tax payments rather than personal income tax payments. Year-to-date consumption and use tax collections totaled $10.3 billion, including $9.5 billion from the sales tax, which were 5.3% or $518.2 million higher than the same period last year, and $130.9 million higher than anticipated by DOB. Business taxes totaled $12.9 billion, or double the amount collected through last September, but $560.2 million below DOB’s latest financial plan projections. The large year-over-year increase is primarily the result of collections from the PTET. All Funds spending through September totaled $96.2 billion, which was $4.4 billion, or 4.8%, higher than last year for the same period. All Funds spending through September was $5 billion lower than DOB’s latest financial plan projections primarily due to lower than anticipated spending for local assistance payments. The State’s General Fund ended September with a balance of just under $50 billion, $4.8 billion higher than projected by DOB and $30 billion higher than last year at the same time, primarily due to PTET collections, higher than anticipated tax collections and lower than anticipated spending. Report September Cash Report COVID-19 Relief Program Tracker Tracker