State Tax Collection Increased 25 Percent Over Previous Year

State tax collections of $12.6 billion through May rose 25.8 percent from collections during the same period last year primarily due to non-recurring estimated Personal Income Tax (PIT) payments made in April, according to the May Cash Report released Thursday by State Comptroller Thomas DiNapoli.

Personal Income Tax collections grew 33.3 percent through May 31, compared to the same period last year.

However, more than 87 percent of this growth is due to estimated tax collections from April, primarily driven by federal tax increases in January. This level of growth is not likely to continue.

DiNapoli’s office issues the monthly cash report as part of its statutory duties and provides it to the public as part of the comptroller’s efforts to increase transparency and accountability for state finances.