New York State Tax collections of $35.9 billion through October continued to lag expectations, falling $170.8 million below July estimates and $259.8 million below initial estimates, even as the state faces significant expenses in recovering from the damage brought on by Hurricane Sandy, State Comptroller Thomas DiNapoli said as he released his October cash report this last Wednesday.
The First Quarter Update to the Financial Plan released in July projected tax growth of 3.1 percent for the year. However, All Funds tax collections of $35.9 billion through October rose just 1.5 percent, or $535 million, from the same period last year.
In order to meet these projections, tax collections will have to grow 5.1 percent in the last five months of the fiscal year.
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