New York collected $37.2 billion in state taxes during the first quarter of the current fiscal year, exceeding budget projections by $2.4 billion.
Tax receipts were also $4 billion higher than during the same period last year, according to the monthly cash report released by state Comptroller Thomas DiNapoli.
DiNapoli said the better-than-expected results were driven primarily by strong business tax collections. He cautioned, however, that geopolitical conflicts and changing trade policies have contributed to higher inflation, financial market volatility and slower employment growth.
Personal income tax receipts totaled $20.9 billion through June. That was approximately $654 million above projections and $1.7 billion higher than during the same period last year.
Business tax collections totaled $9.4 billion, exceeding projections by $1.6 billion and surpassing last year’s first-quarter total by $1.9 billion. Officials attributed the increase partly to growth in corporate franchise and pass-through entity tax collections.
Consumption and use taxes totaled $6.2 billion, approximately $432 million higher than last year and nearly $127 million above projections. Sales tax collections increased by 8.6% in June compared with the same month last year.
State spending totaled $64.3 billion through June, an increase of $3.4 billion from last year, due partly to higher Medicaid costs. Spending remained $1.5 billion below projections, primarily because of lower spending on local assistance grants.
The state’s General Fund ended June with a balance of $62.1 billion. That was nearly $3 billion above projections and $8.6 billion higher than at the same point last year.
