New York’s tax revenue isn’t slowing down.
According to Comptroller Tom DiNapoli the state has continued exceeding initial estimates for tax collection despite some concerns in the economy.
During the state’s first fiscal quarter, it collected $34.4 billion in taxes. That’s more than $1.7 billion higher than the forecast.
It’s a good sign, according to state officials like DiNapoli, who are looking ahead to the remainder of 2022.
“Economic headwinds are increasing and may alter the trajectory for the remainder of the fiscal year,” DiNapoli said in an announcement. “Bolstering rainy day reserve funds on or ahead of the schedule included in the Enacted Budget Financial Plan should be a priority.”
Personal income tax represented $21.6 billion of the $34.4 billion collected. Consumption and use taxes increased by 9.1%.
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