New York State Tax Receipts Surge to $12.9 Billion Over Forecast
- Revenue boosted by new business pass-through tax: DiNapoli
- N.Y. collected $84.4 billion in nine months of fiscal year
New York state tax revenue soared to $84.4 billion in the first nine months of the fiscal year, $12.9 billion more than forecast, bolstered by a business tax established in April as a work-around for federal limits placed on state and local tax deductions, state Comptroller Thomas DiNapoli said.
New York collected $10.2 billion from a “pass-through entity” tax, DiNapoli said in a news release Friday evening. He cautioned that taxpayers paying the pass-through tax are expected to reduce their personal income tax payments by similar amounts, and the December results may not reflect those offsetting reductions, “clouding our revenue picture.” He urged Governor Kathy Hochul, who will introduce her first budget Tuesday, and the state Legislature to act prudently.