DiNapoli: State tax receipts in the first quarter exceed financial plan projections by $1.7 billion

State tax revenue totaled $34.4 billion in the first quarter of fiscal year 2022-23, exceeding the Budget Division’s Enacted Budget (DOB) fiscal plan forecast of $1.7 billion. dollars, according to the monthly state treasury report released by State Comptroller Thomas P. DiNapoli.

“Revenue news from New York has been positive for the first quarter,” DiNapoli said. “However, economic headwinds are increasing and could alter the trajectory for the remainder of the fiscal year. Bolstering rainy day reserve funds on or before the schedule included in the enacted budget fiscal plan should be a priority. .

State tax collections until June 30
(in millions of dollars)

Personal income tax (PIT) revenue totaled $21.6 billion and was $1.7 billion higher than the DOB’s fiscal plan projections in the first quarter. However, IRP revenue was $540.5 million lower than the same period in FY 2021-22, reflecting, in part, the effects of the Transmitting 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 $5.1 billion, including $4.7 billion from sales tax, or 9.1% or $387 million. dollars more than the same period last year, and 61.1 million more than the expected date of birth. Business taxes totaled $6.8 billion, more than double those of June last year, but $80 million less than the fiscal plan forecast. The strong year-over-year increase was primarily the result of $2.8 billion in recoveries from the TFWP in the month of June.

Spending by all funds through June totaled $49.5 billion, up $3.1 billion, or 6.7%, from the same period last year. Spending for all Funds through June was $4 billion lower than the fiscal plan projections, primarily due to lower-than-expected spending on local assistance payments. State operating fund spending totaled $27.4 billion, up $1.4 billion or 5.5%, higher than last year and $1.4 billion lower than forecast .

The state’s general fund ended July with a balance of $43.8 billion, up $28.3 billion from the same period last year, reflecting, in part, an influx of federal funds pandemic relief, and $3.8 billion higher than expected, mainly due to lower-than-expected tax revenues and spending.

June cash report

Related Report
Report on the Financial Plan of the State’s 2022-2023 Approved Budget

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