DiNapoli: State Tax Receipts Tracking Close to Projections Through First Half of the Year

State tax receipts totaled $54.6 billion through the first six months of State Fiscal Year (SFY) 2024-25, $682.1 million higher than the state Division of the Budget (DOB) estimates in the First Quarterly Update to the SFY 2024-25 Enacted Budget Financial Plan. On a year-over-year basis, tax collections were $3.1 billion higher than those through September 2023, primarily driven by the Personal Income Tax (PIT) according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

"With continued economic growth, both statewide and nationally, tax revenues are meeting financial plan expectations," DiNapoli said. "While economic expansion is expected to continue through the remainder of the year, risks including global unrest, labor market weakness, or adverse weather could negatively impact the economy."

Personal income tax (PIT) receipts totaled $28.9 billion and were $646.8 million above DOB's financial plan projections and $2.9 billion higher than the same period in SFY 2023-24, reflecting, in part, the impact of wage and financial market growth over the course of the year.

Year-to-date consumption and use tax collections totaled $11.3 billion, 2.4% or $265.3 million higher than the same period last year and $33.6 million higher than DOB estimated. Sales tax receipts, the largest share of these taxes, increased by $223.6 million, or 2.2% year over year. Business taxes, which include collections from the pass-through entity tax (PTET), totaled $13 billion, $244.4 million higher than through September in the prior fiscal year, but just $8.9 million higher than DOB's financial plan projections.

All Funds spending through September totaled $112.4 billion, which was $2 billion, or 1.8%, higher than last year for the same period, primarily due to higher education costs. All Funds spending through September was $1.1 billion lower than DOB projected, primarily due to lower than anticipated spending from state capital projects funds. State Operating Funds spending totaled $60.5 billion, $1.5 billion, or 2.5% higher than last year and $1 billion lower than DOB' financial plan estimates.

The state's General Fund ended September with a balance of $52.4 billion, $3.2 billion higher than DOB projected and $4.4 billion higher than last year at the same time primarily due to higher than anticipated tax collections and lower than anticipated spending.

Report
September 2024 Cash Basis Report

Related Report
Report on the State Fiscal Year 2024-25 Enacted Budget Financial Plan