New York State tax receipts in May declined $766.9 million, or 19.7 percent, from the prior year, according to the monthly state cash report that State Comptroller Thomas P. DiNapoli released on June 15. “With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” […]
New York State tax receipts in May declined $766.9 million, or 19.7 percent, from the prior year, according to the monthly state cash report that State Comptroller Thomas P. DiNapoli released on June 15.
“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said in a statement. “We are now clearly seeing the recession’s impact on tax receipts.”
DiNapoli highlighted the following items in the report:
• Personal income-tax withholding revenues were $291.8 million below May 2019 levels, a decline of more than 9 percent, reflecting both depressed economic activity and timing factors.
• Local-assistance spending through May totaled $17.9 billion, $1.4 billion less than the state Division of Budget projected in the enacted budget financial plan. In addition, spending for capital projects totaled $915.8 million through May, which was $412.2 million lower than projected.
• The New York Department of Education made $4 billion in general-aid payments to school districts.
• The state’s general fund ended the month with a balance of $7.3 billion, which was $1.1 billion higher than the latest projection by the Division of Budget.
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New York State tax receipts in May declined $766.9 million, or 19.7 percent, from the prior year, according to the monthly state cash report that State Comptroller Thomas P. DiNapoli released on June 15.
“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said in a statement. “We are now clearly seeing the recession’s impact on tax receipts.”
DiNapoli highlighted the following items in the report:
• Personal income-tax withholding revenues were $291.8 million below May 2019 levels, a decline of more than 9 percent, reflecting both depressed economic activity and timing factors.
• Local-assistance spending through May totaled $17.9 billion, $1.4 billion less than the state Division of Budget projected in the enacted budget financial plan. In addition, spending for capital projects totaled $915.8 million through May, which was $412.2 million lower than projected.
• The New York Department of Education made $4 billion in general-aid payments to school districts.
• The state’s general fund ended the month with a balance of $7.3 billion, which was $1.1 billion higher than the latest projection by the Division of Budget.
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New York State tax receipts in May declined $766.9 million, or 19.7 percent, from the prior year, according to the monthly state cash report that State Comptroller Thomas P. DiNapoli released on June 15. “With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” […]
New York State tax receipts in May declined $766.9 million, or 19.7 percent, from the prior year, according to the monthly state cash report that State Comptroller Thomas P. DiNapoli released on June 15.
“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said in a statement. “We are now clearly seeing the recession’s impact on tax receipts.”
DiNapoli highlighted the following items in the report:
• Personal income-tax withholding revenues were $291.8 million below May 2019 levels, a decline of more than 9 percent, reflecting both depressed economic activity and timing factors.
• Local-assistance spending through May totaled $17.9 billion, $1.4 billion less than the state Division of Budget projected in the enacted budget financial plan. In addition, spending for capital projects totaled $915.8 million through May, which was $412.2 million lower than projected.
• The New York Department of Education made $4 billion in general-aid payments to school districts.
• The state’s general fund ended the month with a balance of $7.3 billion, which was $1.1 billion higher than the latest projection by the Division of Budget.
