Tax revenue dropped slightly in the first half of New York’s fiscal year, Comptroller Thomas DiNapoli said today.
The state collected $31.6 billion in taxes through Sept. 30, which is $72.1 million, or 0.2 percent, lower than collections during the same period of the last fiscal year. It is also $213 million below budget projections — projections that were already lowered in June.
“Tax collections continue to lag behind expectations,” DiNapoli said in a news release. “We are not seeing the level of growth in tax revenues that is needed to meet year-end projections, even though targets were lowered. The economic recovery continues to be weak and financial risks remain. The state must proceed with caution and carefully monitor revenue and spending.”
Collections would need to increase by 6.4 percent for the rest of the fiscal year to recover from the unrealized revenue, according to DiNapoli.
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