New York collected $68.5 billion in state taxes through September, $7.3 billion more than budget officials projected for the first half of the fiscal year, according to a new report from state Comptroller Thomas P. DiNapoli.
The monthly State Cash Report also shows collections were $8.6 billion higher than through the same point last year. DiNapoli said stronger personal income and business taxes partly reflect financial market growth, while cautioning that many households continue to face rising costs.
Income and business taxes lead gains
Personal income tax receipts totaled $36.4 billion through the second quarter of state fiscal year 2027. That was $2.5 billion above the state's financial plan and $2.9 billion above the comparable period a year earlier, the comptroller said.
Business taxes, including the pass-through entity tax, brought in $17.6 billion. Those collections exceeded the budget forecast by $4.1 billion and were $4.6 billion higher than through September 2025.
Consumption and use taxes totaled $12.7 billion, up 7.2% from a year earlier and $421.8 million above forecast. Sales tax receipts, the largest part of that category, rose $840.8 million, or 7.8%, from last year.
Spending also rises, but trails forecast
Spending across all state funds reached $130.1 billion through September. That was $10.2 billion, or 8.5%, more than during the same period last year, primarily because of higher Medicaid costs. It was still $927.4 million below the state's forecast.
State operating funds spending totaled $73.2 billion, up $7.4 billion from a year earlier but $2.3 billion below projections. The General Fund ended September with a $63.9 billion balance, $9.7 billion higher than projected, chiefly because tax collections came in above forecast and spending came in below it.
DiNapoli said the revenue gains should not obscure the pressure on household budgets. The report describes collections and spending through September, not a final result for the fiscal year, which runs through March.
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