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New York’s tax collections exceed projections, despite economic challenges

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  • Staff Report 

New York State’s tax collections for the fiscal year 2023-24 surpassed forecasts, totaling $106.4 billion—$2 billion more than expected by the Division of the Budget (DOB), according to State Comptroller Thomas P. DiNapoli’s latest report. Despite outperforming projections, tax revenues were $5.2 billion less than the previous year, mainly due to reduced Personal Income Tax (PIT) receipts from lower middle-class tax rates and decreased payments from tax year 2022.


While PIT collections dropped by 8.4% to $53.8 billion, they still exceeded DOB’s financial plan by $1.6 billion. Conversely, consumption and use taxes, including sales tax, rose by 6.2% to $21.9 billion, slightly missing the latest DOB projections.

DiNapoli highlighted the better-than-expected economic performance but cautioned that ongoing inflation and future Federal Reserve interest rate decisions could impact economic growth. He advised state policymakers to consider these risks when planning the budget for the 2024-25 fiscal year.



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