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DiNapoli Says Caution Needed Concerning State Tax Revenue

Taxes
401(k) 2012, Flickr

State Comptroller Thomas DiNapoli says weak tax revenues in May and June, coupled with increasing indicators of softening in the economy, indicate a need for heightened caution through the remainder of New York State’s 2012-13 fiscal year.

While overall tax collections are higher than projected through the first quarter of the year, a report released by DiNapoli found unexpected strength in collections was limited to April, when personal-income tax (PIT) collections surpassed expectations due to the settlement of prior tax year liabilities.

Combined General Fund PIT revenues for May and June were below projections by $244.5 million. The largest component of income-tax receipts, withholding from current wages and salaries, is projected to rise by 5 percent or $1.5 billion this year, but so far is virtually flat compared to SFY 2011-12.

 

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