Turns out consumers are spending a lot. Or at least they have over the last three months.
The state’s tax receipts exceeded the anticipated revenue by a massive, $4.8 billion between April and June.
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“The state is rebounding from the economic impacts of the COVID-19 pandemic,” Comptroller Tom DiNapoli said. “Strong tax collections, coupled with an unprecedented infusion of federal aid, give the state an opportunity to improve its long-term fiscal stability and better prepare for future uncertainties.”
The state closed the $15 billion deficit, which had been looming last year, as uncertainties grew related to the pandemic and economic closures.
The rebound comes after the state also received $12.6 billion in federal stimulus.
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