Sales tax receipts took a tumble during the month of May, according to new data from New York State Comptroller Tom DiNapoli.
In the report, DiNapoli noted that May receipts were down 19.7% despite a reopening economy. He noted that the state was also down a total of $766.9 million.
“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said. “We are now clearly seeing the recession’s impact on tax receipts. As we continue to slowly re-open the economy, it’s critical that Washington act on our call for more federal aid.”
Personal income tax withholding revenues were also down significantly. DiNapoli noted that fall was by more than 9%.
The State General Fund did end with a balance of $7.3 billion, which was $1.1. billion higher than the last projection by the State Budget Division.
Unemployment sits at more than 14%.
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